Invesco Lands Bay Area Industrial Park
- Feb 07, 2018
Invesco Real Estate has acquired Gateway 80 Business Park, an 860,651-square-foot industrial property in Fairfield, Calif. Panattoni Development Co., the seller and developer, broke ground on the cross-dock industrial project in 2016, and construction finished in November of 2017. A JLL team led by Mark Detmer represented the seller in the transaction.
Located at 2920 and 2950 Cordelia Road, the property’s two buildings sit within one mile of Interstate 80, enabling direct access to both San Francisco and Sacramento, each approximately 40 miles away. The assets are fully leased to Berlin Packaging and Blue Apron. Major tenants in the surrounding industrial area include Encore Glass, Saxco and Anheuser-Busch.
Energy efficient design
The park’s two buildings contain 430,151 and 430,500 square feet of distribution space. Designed and constructed to achieve LEED certification, both of the facilities features 36-foot clear heights, 84 loading doors, four drive-in doors and truck courts ranging from 125 to 172 feet. The warehouses are outfitted with ESFR sprinkler systems and include parking spaces.
“New construction logistics buildings are difficult to find in the Bay Area where vacancy is in the low single digits,” said Detmer, managing director of JLL Capital Markets, in a prepared statement. “With state-of-the-art industrial product and limited opportunities of scale in the Bay Area, this was a highly sought after deal.”
Image via Google Earth