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TRACY, CA-Third party logistics provider Jacobson Cos. has leased about one quarter of Chabot Commerce Center, a master planned 987,875-sf industrial complex here that is under construction. The 676,011-sf, two-building first phase of the $42-million, four-building development is scheduled for completion in March.

Owned by McMorgan Institutional Real Estate Fund I, Chabot Commerce Center is located about one mile south of Interstate 205. The 52-acre property is bordered on the North and South edges by Grant Line Road and Union Pacific Rail line respectively.

The development, overseen by Trammell Crow Co., will be completed in three phases, with two buildings in the first phase one building in each of the final two phases. Jacobson Cos., whose client list includes Quaker Oats, will occupy about 60% of a 390,000-sf building that is part of the first phase, TCC senior vice president John Atwell tells GlobeSt.com.Atwell is the development manager for the project. The leasing assignment is in the hands of Lee & Associates president Ernest Pearson, TCC vice president Brian Gleason and TCC senior vice president Jay Sholl. Jacobson was represented by CB Richard Ellis senior vice president David Haggerty. Haggerty was not available Wednesday for comment.