1.3 MSF Project Features Three Class A Spec Industrial Logistics Buildings
San Francisco, CA – Trammell Crow Company, one of the nation’s leading developers and investors in commercial real estate, MEPT, and its real estate advisor, Bentall Kennedy announce that construction has commenced on Oaks Logistics Center in Livermore, CA. The project will consist of three Class A industrial logistics buildings, totaling approximately 1.3 million square feet. All buildings will be constructed simultaneously and the project is scheduled for completion Q4 2015.
“We are excited to be working with MEPT, Bentall Kennedy and the City on a meaningful industrial opportunity in the Bay Area,” said Will Parker, Principal with Trammell Crow Company’s Northern California Business Unit. “Over the past 20 years, TCC’s work with MEPT and Bentall Kennedy has grown into a successful partnership and tackled complex transactions and delivered best-in-class industrial facilities. Oaks Logistics Center is a great example of our collaboration.”
The new state-of-the-art logistics/fulfillment center will be accessible from major transportation corridors. The three-building development is located on Highway 84 just south of Highway 580 via the new Isabel Avenue/Highway 84 Interchange. The site has direct access to Interstate 580, proximity to the Port of Oakland, and is positioned to serve the entire Bay Area and Northern California. The project will have 32’ to 36’ clear heights, cross-dock configurations, ESFR sprinkler systems, and generous trailer parking. Designed to achieve LEED® Silver certification, the construction of the project is estimated to create more than 420 green jobs for members of the Building Trades and over $157 million in economic activity.
“The development of Oaks Logistics Center is consistent with MEPT’s and Bentall Kennedy’s “build-to-core” strategy, and helps satisfy our goal of increasing the Fund’s allocation to modern, bulk distribution assets in primary markets such as the San Francisco Bay Area,” stated David Antonelli, Executive Vice President and MEPT Portfolio Manager at Bentall Kennedy. “We believe the case for developing Class A industrial product is particularly compelling in this market; robust demand for new space, low vacancy rates, severe Bay Area land constraints and older obsolete industrial inventory attracted us to this opportunity with the Trammell Crow team.”
The project is being marketed jointly by Bob Ferraro (Oakland) and Blake Rasmussen (Stockton) of CBRE and Michael Lloyd (Livermore) of Colliers International.
Multi‐Employer Property Trust (MEPT) is a $7.0 billion, open‐end commingled real estate equity fund that invests in a diversified portfolio of institutional‐quality real estate assets in 25 major metropolitan markets across the U.S. Founded in 1982, MEPT is owned by more than 320 institutional investors, including 17multi-employer and public employee plans in Northern California. Signatory to the UN Principles for Responsible Investment, MEPT is recognized as a pioneer in Responsible Property Investing (RPI) and has been consistently top‐ranked in the U.S. by GRESB for its environmental performance. For more information, visit www.mept.com.
About Bentall Kennedy
Bentall Kennedy is one of North America’s largest real estate investment advisors and one of its foremost providers of real estate services. Bentall Kennedy serves the interests of more than 500 investors across 134 million square feet of office, retail, industrial, and multifamily properties valued at over $32 billion throughout Canada and the U.S. Bentall Kennedy is a member of UN PRI and is a recognized global leader in Responsible Property Investing.
Bentall Kennedy includes Bentall Kennedy (Canada) Limited Partnership and Bentall Kennedy (U.S.) Limited Partnership. For more information, visit www.bentallkennedy.com.
About Trammell Crow Company
Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of September 30, 2014, Trammell Crow Company had $5.1 billion of projects in process and $2.9 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development, or providing incentive-based fee development services.
Trammell Crow Company is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). For more information visit www.TrammellCrow.com.