By Jon Peterson
San Francisco-based Prologis has signed a lease for 1.12 million square feet that Williams Sonoma will occupy within the International Park of Commerce project in Tracy, according to sources familiar with the property. This lease is considered an expansion for the tenant.
Prologis did not respond to either email or phone calls for this story.
The transaction was completed with the assistance of Colliers through its Logistics and Transportation Group in greater Northern California. The people working on the transaction were Greig Lagomarsino, executive vice president, who works out of the Oakland office and Michael Goldstein, executive managing director, from the Stockton office. Colliers declined to comment when contacted for this story.
The newly-signed lease will give Williams Sonoma a strong presence within the International Park of Commerce project in Tracy. Prologis first broke ground on this development in 2014, and at the time, it was the public real estate investment trust’s largest project in all of North America in its investment history.
The project totals 1,800 acres, and the time it was started it was on a speculative basis. When all of the land is developed, the expectation is that the project would total somewhere in the range of 19 million to 20 million square feet. The development does call for both build-to-suits and buildings with major tenants. There has been a variety of tenants that have already taken up space in the project. This has included Amazon, DHL International, Zinus Inc., Smucker’s, FedEx and Medline.
The project is with a master-planned community. With 60 miles of the site, there is a population base of 7.2 million people. Within the park, there are 95 acres of parks and walking trails, and any tenants in the park would have a 46-mile drive to the Oakland Port to move their products around. The site is also a five-mile drive to the Altamont Corridor Express train for a mass transportation option.