Tracy, Calif. – September 16, 2021 – CBRE Global Investors, on behalf of one of its investment funds, has acquired a 29.3-acre site in Tracy, Calif., to build a state-of-the-art logistics center. The real assets investment firm will partner with Trammell Crow Company (TCC), one of the nation’s largest commercial real estate developers and investors, to develop a 606,343-square-foot logistics facility. Work will start early in 2022 and is scheduled to be complete during the first quarter of 2023.
The cutting-edge distribution facility will include 40’ clear height, 185’ truck courts, 56’ x 60’ column spacing, LED and sky lighting and an ESFR system. In line with the firm’s continued commitment to sustainability, the development team is exploring implementing a variety of ESG features, from battery storage installation and EV charging to solar panel placement.
“This project presented a unique opportunity to acquire a permit-ready development site in a dynamic Northern California market, which is a location that we believe is well-positioned to meet the growing demand for high-end logistics space,” said Gary Jaye, Head of Americas Logistics Operator Division for CBRE Global Investors. “The world has changed dramatically over the last few years, and the rise of e-commerce and consequential need for logistics that can keep pace is set to continue. We are pleased to be partnering with TCC to bring this project to life. We look forward to realizing its investment potential and further cementing Northern California’s place on the U.S. logistics map.”
Will Parker, TCC’s Northern California industrial practice head added, “We are very excited to launch our third project with CBRE Global Investors in Northern California. Tracy is a sought-after location and this high-end development will optimize a well-connected site and contribute to the burgeoning logistics sector in the locality.”
HPA is serving as the project’s architect of record, and Big-D Construction is the general contractor.
Located at 1205 East Grant Line Road, the site in the Central Valley provides direct access to the Bay Area via I-205 and I-580 and regional access to the West Coast via I-5.
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $129.1 billion in assets under management* as of June 30, 2021.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.