Goodrick Logistics Center provides Class A industrial ‘last mile’ options for users in an inventory-starved Bay Area industrial market
RICHMOND, CA (September 27, 2018) – Industrial occupiers’ recent frustrating search for new space options in the I-80 corridor is getting a little easier. New speculative developments such as Goodrick Logistics Center in Richmond are delivering flexibility and relief in what has been an extremely tight market over the last two years.
Goodrick Logistics Center is one of the only completed Class A, new industrial development over 100,000 square feet in the entire Richmond market which is ready for immediate occupancy in Q4 of 2018.
Jason Ovadia, Eddie Shuai, Patrick Metzger and Mike Murray of JLL are handling leasing for Goodrick Logistics Center, which is a partnership between New York Life Real Estate Investors (on behalf of an institutional client) and Schaal Realty Advisors.
The property is uniquely positioned in the current market, according to Jason Ovadia, Managing Director, JLL. “This is a premium quality, flexible industrial asset ideally located close to all major regional transportation links including I-80 and I-580, as well as marine shipping channels and freight rail links. Most importantly, it is one of the only new, state of the art industrial building immediately available for Q4 2018 occupancy in this market,” he says.
The newly-completed logistics center is located near Richmond Parkway and has over 168,000 square feet of available Class A space in two buildings of +/-113,324 s.f. and +/-58,500 s.f., respectively. The property can accommodate warehouse-distribution users or advanced manufacturers seeking a flexible occupier solution in an institutional business park environment.
The property showcases modern logistics features such as 32-foot clear heights, ESFR sprinklers, a high dock ratio at 23 docks with two grade doors as well as 24-foot clear heights and 10 grade level loading doors in the smaller building.
Vacancy among all classes of industrial properties in the Bay Area was 4.2 percent, as of June 30, 2018, with no availability in the Class A sector in Richmond. While there is some three million square feet of new industrial product underway throughout the Bay Area, only about two million square feet will be delivered by 2019. Meanwhile, more than fifty tenants accounting for almost five million square feet of demand are currently competing for industrial space throughout the East Bay.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 86,000 as of June 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $51.9 billion in assets under management as of June 30, 2018*, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
*Real Estate Investors AUM of $51.9B is gross and includes AUA ($1.6B), and debt ($0.3B) as of 6/30/18. Net AUM for Real Estate Investors is $50.0B as of 6/30/18.