LIVERMORE, CA—Trammell Crow Co., one of the nation's leading developers and investors in commercial real estate, MEPT, and its real estate advisor, Bentall Kennedy have started construction on Oaks Logistics Center. The project will consist of three class A industrial logistics buildings, totaling approximately 1.3 million square feet.
All buildings will be constructed simultaneously and the project is scheduled for completion Q4 2015.
“The development of Oaks Logistics Center is consistent with MEPT's and Bentall Kennedy's 'build-to-core' strategy, and helps satisfy our goal of increasing the Fund's allocation to modern, bulk distribution assets in primary markets such as the San Francisco Bay Area,” states David Antonelli, EVP and MEPT portfolio manager at Bentall Kennedy.
According to Antonelli, “the case for developing Class A industrial product is particularly compelling in this market; robust demand for new space, low vacancy rates, severe Bay Area land constraints and older obsolete industrial inventory attracted us to this opportunity with the Trammell Crow team.”
The new state-of-the-art logistics/fulfillment center will be accessible from major transportation corridors. The three-building development is located on Highway 84 just south of Highway 580 via the new Isabel Avenue/Highway 84 Interchange. The site has direct access to Interstate 580, proximity to the Port of Oakland, and is positioned to serve the entire Bay Area and Northern California. The project will have 32' to 36' clear heights, cross-dock configurations, ESFR sprinkler systems, and generous trailer parking. Designed to achieve LEED Silver certification, the construction of the project is estimated to create more than 420 green jobs for members of the Building Trades and over $157 million in economic activity.
The project is being marketed jointly by Bob Ferraro and Blake Rasmussen of CBRE and Michael Lloyd of Colliers International.
According to a recent posting on GlobeSt.com, Livermore has undergone a 20% population growth since 2000. While the sexy growth of high tech industries has played a major role in the eastward expansion, old fashioned “drive until you qualify” thinking has also led homeowners to buy further from San Francisco, or from where they work. Livermore is currently pushing for an extension of the Bay Area Rapid Transit system, and if it the controversial plan is approved, a layer of complexity would be added to the growth already underway in the area, the story notes.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
