The future multi-warehouse spec development is located within the Northeast Area Specific Plan.
TRACY, CA—While land is becoming increasingly scarce in the Central Valley, a development team has succeeded in finding a coveted 76-acre site for a future industrial cluster. Seefried Industrial Properties, as development partner for Clarion Partners LLC, purchased the site for a new multi-warehouse speculative development within the Northeast Area Specific Plan.
Located at the northeast corner of Grant Line and Chrisman roads in San Joaquin County, this project will total 1.13 million square feet of office and warehouse space in three buildings consisting of 260,000 square feet, 517,000 square feet and 353,000 square feet, respectively. Together, the project will offer tenants the opportunity to occupy space ranging from 18,000 to 1.13 million square feet.
Buildings will feature tilt-up construction, clear heights ranging from 32 to 36 feet, 185-foot truck courts, 339 trailer spaces combined, an ESFR sprinkler system and ample parking.
"Finding quality development property in the Central Valley has become more and more difficult over the years. Finding a site this well located was very exciting. We would not have gotten to this point if it had not been for the combined efforts of our consultants, the land seller and the city of Tracy. We now look forward to bringing this quality project out of the ground and hope we can help fill the tenant demand that continues to grow in Tracy," said Jason Quintel, senior vice president of Seefried Industrial Properties.
Construction is set to begin in June 2020 and is anticipated for completion in June 2021. HPA has been engaged as architect and K&W is the civil engineer.
The Colliers International team of Mike Goldstein and John Steinbuch will lead the leasing/marketing efforts for the new project.
"While we are unsure of an exact ideal tenant, the surrounding area within the Northeast Area Specific Plan includes a mixture of industrial uses, including rail-dependent industries and 'flex-tech' light industrial tenants," Quintel tells GlobeSt.com.
The majority of the area's industrial product completed during 2019 was either leased or purchased, leaving little of that square footage available, according to a Central Valley report by Colliers International. Lease rates for warehouse space have steadily risen due to the limited supply of second generation buildings for users under 200,000 square feet and the fact that the available space in the market consists mostly of institutional-quality class-A product that commands higher rents.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
