PCCP Facilitates New Industrial Asset in the East Bay
- Dec 08, 2016
San Francisco—Real estate finance and investment management firm PCCP recently arranged a $48.5 million construction loan for a Bay Area distribution facility. Developer LDK Ventures is planning to build the Bay Area Logistics Center in the I-880 Corridor industrial market. Completion on the new facility, now underway following the loan agreement, is slated for September next year.
Taking shape within the Pinole Point Industrial Park in Richmond, Calif., Bay Area Logistics Center will offer 707,600 square feet of industrial space. Occupying a 42-acre plot of land, the facility will offer proximity to the park’s most notable tenants such as Amazon, Whole Foods, Williams and Sonoma, and UPS. Its positioning will also provide access to I-80 via the Richmond Parkway Interchange.
“The Bay Area industrial market is virtually full, with a lack of available land to accommodate large distribution facilities,” PCCP Assistant Vice President Dorian Farhang noted in prepared remarks. He also pointed out that high-volume users have migrated to the state’s Central Valley due to the aging industrial stock available in the East Bay. Having said that, tenants such as Amazon, Apple, UPS, and Tesla are responsible for a lot of the absorption this year.
Once completed, the facility will feature a 36-foot clear height, ESFR sprinkler system, as well as excess trailer and auto parking. Property characteristics will also include a divisible design allowing for the accommodation of multiple tenants.
Rendering courtesy of PCCP