By Jon Peterson
San Francisco-based industrial conglomerate, Prologis, has leased the entirety of its 372,000 square foot build-to-suit project in Livermore to Lam Research and its third-party logistic partner DHL. This development is located at 1201 Voyager Street in the East Bay city and is near the intersection of West Jack London Boulevard and Highway 84.
The construction of this development started during the second quarter of 2019, and the company expects the work on the project will be completed before the end of this year. This asset is an expansion for the tenant, which will add as many as 400 new jobs for the company at the property. This facility will be used for the assembly and distribution of semiconductor processing equipment.
Prologis closed on the 19-acre site in February of this year; the seller of the property was Walmart, and Prologis did not name any of the brokers that were involved in the transaction.
“It took us about 12 months to take this site through the entitlement process. We look at that time table as a typical period to take a property through [that] process,” says Darren Kenney, a vice president and investment officer for Prologis in the San Francisco Bay Area.
The company feels optimistic about its location, since it provides a great foundation for the property to be successful for its tenants. “Livermore is a good industrial market that we are familiar with. Our location is one that has a highly visible spot and has good infrastructure in place,” said Kenney.
Prologis has a total of 700,000 square feet of industrial product in Livermore within its portfolio. Its next new project in the region will be a 78,000 square foot spec building located at 566 Exchange Court. “We are expected to start this project sometime during the third or fourth quarter of this year. It should be completed by the second quarter of next year. It likely will be leased to one or two tenants,” said Kenney.