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STOCKTON, CA-General Mills has inked a five-year lease (with additional extension options) for a new 735,000 square-foot building at Opus Logistics Center. The space was listed for lease at $0.35 per square foot per month, NNN, but local industry sources tell GlobeSt.com that market rates have fallen 10- to 20% such that the negotiated deal is likely closer to $0.30 per square foot. The lease commences in early 2010.

Opus Logistics Center is being developed by Opus Properties LLC, a manager of investment funds that acquire and develop institutional and industrial assets. The company’s development advisor for Northern California is Don Little, the former Opus West Corp. senior vice president who launched Don Little Real Estate Group earlier this year. Little declined to confirm or comment on the specifics of the deal.

Located at 4618 Newcastle Road, the General Mills facility is one of two recently completed speculative buildings. It features a cross-dock loading area, 32-foot clear heights, ESFR fire sprinklers and ample truck and trailer parking. 

Opus Logistics Center is a State Enterprise zone and a Foreign Trade Zone, which provides the industrial center’s tenants with lower shipping costs and faster processing of international shipments.  The development sits adjacent to the Burlington Northern Santa Fe inter-modal terminal and five miles from the Union Pacific intermodal yard.

Spanning 474 acres in central Stockton, Calif., the finished OLC industrial campus will consist of build-to-suit and speculative buildings totaling 8.2 million square feet.  OLC is one of the only sites in Northern California that can readily accommodate buildings exceeding one million square feet. Blake Rasmussen of CB Richard Ellis has the leasing assignment. He was not immediately available Wednesday afternoon for comment.

“Even though there is market softness and rent subsidence, the San Joaquin County market fundamentals are surprisingly good; there has been a lot of activity in the last 12- to 18 months,” Little tells GlobeSt.com. “While 100,000-square-foot locations are plentiful, there are very, very few options if you’re coming to this market with larger requirements.”

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