SAN FRANCISCO, Dec. 03, 2018 – Black Creek Group, a Denver-based real estate investment manager with a history of $18.5 billion in development and acquisitions, today announced the execution of a full-building lease for its development, Tracy Distribution Center III, a 462,000 square foot building located in the Greater Bay Area market. The tenant, Clutter – a Sequoia-backed, on-demand storage company that has raised $100 million to date and operates in six major cities nationally – will use the building to store its customers’ belongings.
“We are very pleased to partner with Clutter through their full-building lease of our recently completed project,” said Steve Young, vice president, asset management for the Western Region at Black Creek Group. “The quick lease-up of the building, approximately 45 days following its completion, is a testament to the strong tenant demand we are seeing in the area as well as the increased tenant need for highly efficient industrial space that can service a wide geographic area.”
Tracy Distribution Center III is in a highly desirable location, as it offers immediate access to I-205 and major transportation corridors. Currently, Black Creek Group is developing three other buildings in the area. Tracy Distribution Center IV, V and VI, range from 383,000 square feet to 611,000 square feet with two of the buildings expected to be complete in Q2 2019 and the third expected for completion in Q1 2020.
“Black Creek’s Tracy Distribution Center III is not only state-of-the-art, it’s also geographically ideal from an operations standpoint,” said Allison Martin, a spokeswoman for Clutter. “By design, the facility is located well outside the city center. It also affords us easy access to major interstates and freeways, which means we’ll be able to quickly and efficiently serve our Bay Area customers’ storage needs.”
Black Creek Group was represented by Tom Davis of CBRE and Clutter was represented by Jeff Vertun of CBRE.
About Black Creek Group
Black Creek Group is an experienced real estate investment management and development firm that has bought or built approximately $18 billion of investments over its 25-year history. The company manages diverse investment offerings across the spectrum of commercial real estate – including office, industrial, retail and multifamily. The company has nine offices across North America with more than 300 professionals. Black Creek Group offers a range of investment solutions for both institutional and wealth management channels. More information is available at www.blackcreekgroup.com.