(EDITOR’S NOTE: According to public documents, the industrial asset traded in September of 2017 for $66,000,000.)
In mid-September, Longfellow Logistics Center, a 610,813 SF modern logistics facility, was acquired by Bay Area-based developer Orchard Partners. Leasing agents are Steve Chess of Townsend Commercial (who advised Orchard Partners on its recent acquisition) and Jason Ovadia, Greg Matter, and Mike Murray of JLL.
The center, which is situated less than 50 miles from San Francisco’s urban core, will become available in early 2019. It is in a location that optimizes local and regional distribution requirements for a broad range of users including ecommerce, retail, consumer products and durables, distributors and manufacturers.
“From a speed to market standpoint, Longfellow Logistics Center has ‘first-mover advantage’ for large corporate occupiers rethinking their supply chain strategy and looking for a well-located, modern logistics facility,” said Jason Ovadia of JLL. “This location checks plenty of important boxes – from its cost effectiveness, to its close proximity to customers, affordable housing and labor,” he added.
Within the nine Bay Area counties, Longfellow Logistics Center represents the second largest existing warehouse under one roof and is situated upon 34.43 acres with immediate access to I-580. Constructed in 1998 by IDI as a build-to-suit for Circuit City, the building has all the features of a modern logistics facility, including:
· 32-foot clear height;
· ESFR sprinkler system with 250,000 gallon supplemental storage;
· 12,000 SF of existing office space;
· Warehouse offices and restrooms;
· 4,000 amps; 277/480 volt; 3 phase
· T-5 motion-sensor lighting;
· Six air transfer units provide complete air circulation every two hours;
· Fiber optic capabilities;
· 48 foot width by 50 foot depth column spacing;
· 86 dock-high doors with full dock packages and pit levelers on three sides of the building;
· Three grade level doors;
· Two secure points of access, each with full-sized guard shack;
· 416 car parking stalls; and
· 175 trailer stalls.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com