RICHMOND, CA—The master-planned Pinole Point Industrial Park stands out because of its institutional setting highlighted by proximity to Interstate 80 via the Richmond Parkway Interchange. The industrial park in the I-880 Corridor industrial market includes notable tenants such as Amazon, Whole Foods, Williams-Sonoma and UPS.
An additional 707,600-square-foot distribution facility on a 42-acre site located within the industrial park is now underway with an acquisition loan in place. PCCP provided a $48.5 million construction loan to LDK Ventures for the development of the logistics center.
“The loan presented a very strong opportunity to finance the development of institutional-quality, high-demand distribution product in one of the strongest industrial markets in the nation,” said Dorian Farhang, assistant vice president with PCCP. “The Bay Area industrial market is virtually full, with a lack of available land to accommodate large distribution facilities. The market and product type fully support the loan and we are very pleased to be working with experienced sponsorship in LDK Ventures.”
Farhang noted that historically, large users have migrated to California's Central Valley given the older, less functional industrial product in the East Bay. However, leasing of new product this cycle has been absorbed by high-quality users such as Amazon, Apple, Whole Foods, FedEx, UPS and Tesla, and has clearly demonstrated the strong demand for larger blocks of state-of-the-art distribution space in the infill East Bay market.
“Much of the Bay Area suffers from poor access or visibility, given infill locations in a fully built out market, but Pinole Point is about two miles off of the I-80 via Richmond Parkway and the park itself is a nice clean park that isn't tangled with adjacent retail or residential as some other Bay Area locations,” Farhang tells GlobeSt.com.
The Bay Area Logistics Center is scheduled to be completed by September 2017. It will be a cross‐docked warehouse featuring a 36-foot clear height, early suppression fast response sprinkler system, and added trailer and auto parking. The property will offer multiple leasing options due to a divisible design that can accommodate single-user or multi‐tenant configurations. The project is 16 miles from the Port of Oakland, 27 miles from the Oakland Airport and is adjacent to a UPS hub.
RICHMOND, CA—The master-planned Pinole Point Industrial Park stands out because of its institutional setting highlighted by proximity to Interstate 80 via the Richmond Parkway Interchange. The industrial park in the I-880 Corridor industrial market includes notable tenants such as Amazon, Whole Foods, Williams-Sonoma and UPS.
An additional 707,600-square-foot distribution facility on a 42-acre site located within the industrial park is now underway with an acquisition loan in place. PCCP provided a $48.5 million construction loan to LDK Ventures for the development of the logistics center.
“The loan presented a very strong opportunity to finance the development of institutional-quality, high-demand distribution product in one of the strongest industrial markets in the nation,” said Dorian Farhang, assistant vice president with PCCP. “The Bay Area industrial market is virtually full, with a lack of available land to accommodate large distribution facilities. The market and product type fully support the loan and we are very pleased to be working with experienced sponsorship in LDK Ventures.”
Farhang noted that historically, large users have migrated to California's Central Valley given the older, less functional industrial product in the East Bay. However, leasing of new product this cycle has been absorbed by high-quality users such as Amazon,
“Much of the Bay Area suffers from poor access or visibility, given infill locations in a fully built out market, but Pinole Point is about two miles off of the I-80 via Richmond Parkway and the park itself is a nice clean park that isn't tangled with adjacent retail or residential as some other Bay Area locations,” Farhang tells GlobeSt.com.
The Bay Area Logistics Center is scheduled to be completed by September 2017. It will be a cross‐docked warehouse featuring a 36-foot clear height, early suppression fast response sprinkler system, and added trailer and auto parking. The property will offer multiple leasing options due to a divisible design that can accommodate single-user or multi‐tenant configurations. The project is 16 miles from the Port of Oakland, 27 miles from the Oakland Airport and is adjacent to a UPS hub.
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