By Jon Peterson
Oak Brook, Ill.-based CenterPoint Properties has broken ground on its first building at its 190-acre CenterPoint Intermodal Center-Manteca (CIC-Manteca) industrial development in Manteca.
The initial building is a 60,150 square foot build-to-suit for Crothall Laundry Services, a Wayne, Pa., -based healthcare support services provider. The length of the lease on this transaction is for 10 years.
“We consider this project as an expansion for them. We have worked with them on a project in Wisconsin. It’s my understanding that this facility will be staffed with 90 employees to start out with,” says Jeremy Grey, a vice president of infrastructure and logistics for CenterPoint. He works out of the company’s corporate office. The firm also has a regional office on the West Coast in Los Angeles.
The Crothall facility has 2,939 square feet of office space and the balance of the project is warehouse and distribution space. The features include 25 feet of clear heights, 100-car parking spaces, six dock doors and one drive-in door. The building is expected to be completed sometime next year.
The location of the project is very attractive for distribution purposes. “Tenants will like the fact that it has direct access to the Union Pacific Lathrop Intermodal Terminal and has immediate entry to Interstate 5 and Highway 99. This will allow tenants to move the products on a regional distribution basis,” said Grey. The project is located one hour from the Port of Oakland.
CIC-Manteca has the development potential for the development of 3.1 million square feet of warehouse/distribution space. The company has owned the site since 2006. The project is fully entitled. It features a building pad in place to accommodate a 1.1 million square foot distribution facility. CenterPoint is talking to potential tenants about this part of the project.
CenterPoint owns two other projects in the region. These are 220,299 square feet in Union City and 758,000 square feet in the Central Valley town of Lathrop, neighboring Manteca.
The company would like to find more land parcels in the region for future development purposes. “We like the Bay Area and would like to find more projects to build. These would include the East Bay. Any sites need to be close to major transportation hubs,” said Grey.
CenterPoint’s national portfolio includes 45.5 million square feet and 6,000 acres under development in the company’s integrated intermodal industrial parks. The company has been owned by CalEast Global Logistics since March of 2006. This entity is funded by the California Public Employees Retirement System and managed by Menlo Park-based GI Partners.
Map courtesy of Apple