Glendale, California (September 24, 2012): American Realty Advisors, a leading provider of real estate investment management services for institutional investors and McShane Development Company, a national real estate development firm, have formed a joint venture for the acquisition and development of a premier industrial site located in Newark, California, the heart of the Bay Area’s supply-constrained East Bay industrial submarket.
The 29-acre Cherry Logistics Center, located at 38811 Cherry Street, will be redeveloped into a state-of-the-art, Class A 575,000 SF cross-dock LEED distribution facility. The proposed plan is expected to create considerable competitive advantages relative to existing and potential development projects, including overall size, additional clear height (32’ clear), ratio of dock high doors (120 dock doors), efficiency, flexibility, configuration (full-size truck courts) and excess truck trailer parking (175+ trailer storage area). In addition, the property’s strategic infill location in Northern California’s global technology epicenter is expected to enhance the desirability of the asset to prospective tenants and institutional buyers. The well-positioned industrial project is conveniently situated within one mile of the I-880 Freeway at Mowry Avenue and within five miles of the well-traveled California State Route 84’s Dumbarton Bridge.
American’s Chairman and CEO, Stanley L. Iezman, stated, “We believe the Cherry Logistics Center, when completed, will benefit from robust demand growth over the near- and long-term as the San Francisco Bay Area is the global leader in technology and innovation. Located at the center of the metro area’s 7 million people, the property provides easy access to transportation infrastructure including major freeways, bridges, three international airports, and the Port of Oakland. As the existing warehouse inventory is older and inefficient, we expect this state-of-the-art logistics facility to fill the growing needs and requirements for increasingly sophisticated local and regional distributors.”
John A. Dobrott, President/Industrial Division of McShane Development Company, adds, “We have designed and will construct the Cherry Logistics Center to offer the highest level of flexibility to accommodate the needs of either a single-tenant facility or a multi-tenant environment. We anticipate building occupancy to be offered in Fourth Quarter 2013, since speed to market is essential to meet today’s growing demand for quality industrial within this active corridor.”
McShane Construction Company together with HPA, Inc. will provide the comprehensive design/build construction services for the development. For additional information on Cherry Logistics Center, contact William Lu, Senior Development Manager at McShane Development Company, at 949-253-2404 or via email at firstname.lastname@example.org.
American is an investment advisor registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended, and a leading provider of commercial real estate investment management services to institutional investors. With over $4.5 billion* in assets under management, American has provided real estate investment management services to institutional investors for over 24 years utilizing core and value-added commingled funds and separate accounts. The firm’s portfolios include office, industrial, multi-family, retail and other properties nationwide, all of which are managed on behalf of American’s clients. Information regarding American can be found at www.americanreal.com.
McShane Development Company
McShane Development Company is the integrated real estate development and investment arm of The McShane Companies headquartered in Chicago, Illinois with regional offices located in Austin, Dallas, Houston, Phoenix and Irvine. McShane Development Company is active on a local, regional and national basis in the development of master-planned industrial and office parks, medical office development, speculative industrial and office developments, build-to-suit properties for lease or purchase and real estate investment opportunities. For more information on McShane Development Company, visit the firm’s web site at www.mcshanerealestate.com.