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McMorgan & Co. Launching 1M-SF Industrial Project

TRACY, CA-The San Francisco-based investment management firm specializing in Taft-Hartley pension and benefit plans is investing $42 million here to turn 52 acres into a warehouse-distribution center.

By Brian K. Miller | Updated on October 12, 2004

TRACY, CA-McMorgan & Co. is launching a 52-acre, $42-million development here that eventually will hold one million sf of industrial buildings. The San Francisco-based investment management firm specializing in Taft-Hartley pension and benefit plans has retained Trammell Crow Co. to develop in phases four buildings ranging from 120,000 sf to 390,000 sf.A source at TCC tells GlobeSt.com the first phase will be started on a speculative bases and include two buildings–one 285,730 sf and the other 387,670 sf–totaling about 673,000 sf. There is no estimated start date for the project, but TCC estimates the entire development will take three years to complete. Two of the four buildings will have rail available, which TCC says is a requirement of 20-25% of user deals in the market. Tracy is located 62 miles east of San Francisco. The property that will become Chabot Commerce Center is bordered on its north and south edges by Grant Line Road and a Union Pacific Rail line, respectively. Over the past three years, about $2.5 million has been spent on project entitlements, off-site infrastructure upgrades and on-site construction. Ernest Pearson and Brian Gleason of TCC have the leasing assignment.This is the first development project TCC has developed for McMorgan & Co. In August, Morgan & Co. retained Trammell Crow Co. to manage its three-million-sf investment property portfolio. The largest property of the portfolio is the 1.8-million-sf, 25-tenant Firestone Business Park in Salinas. The remaining square footage is distributed throughout the counties of Alameda, Contra Costa, Marin, Monterey, Sacramento, San Francisco, San Mateo, Santa Clara and Stanislaus.

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