Trammell Crow Co. and Clarion Partners acquired 54 acres of land for the development of The Center at Needham Ranch, a business park in Santa Clarita, Calif.
The project is the first phase of a larger development slated to rise on a 132-acre, fully entitled site approved for as much as 4.2 million square feet of Class A industrial space. Phase one is scheduled to break ground in August 2017. Delivery is expected during the third quarter of 2018.
The initial phase of The Center at Needham Ranch will comprise a 869,760-square-foot, seven-building industrial park offering facilities ranging from 34,270 to 210,560 square feet. Building features will include 30- to 36-foot clear heights, with ESFR fire sprinklers, dock high loading, large truck courts and yard areas.
“The Greater Los Angeles industrial market continues to benefit from steady tenant demand as virtually everything on the market attracted solid activity with vacancy throughout the northern region sitting at 1.1 percent, a historical low,” said Craig Peters of CBRE, in prepared remarks. “The Center at Needham Ranch will provide a first-class business park in the southern end of the Santa Clarita Valley, which has limited available land for commercial development.” CBRE’s Peters and Doug Sonderegger are the leasing agents for the property.
Plans for the second phase include additional speculative industrial space and build-to-suit sites for industrial, office and research and development facilities of up to 400,000 square feet.
A Growing Partnership
“The extreme supply-and-demand imbalance makes projects such as The Center at Needham Ranch attractive given the severe lack of supply, in particular for modern Class A space,” said Michael Marrone, vice president at Clarion Partners, in prepared remarks.
The Center at Needham Ranch is one of several projects launched as part of the national industrial development program established by the TCC/Clarion Partners venture. Since 2001, Trammell Crow and Clarion Partners have partnered together on over 105 developments totaling more than 32 million square feet and $2.2 billion in investment. Most recently, the two companies teamed up on Sierra Lakes Commerce Center, a 598,000-square-foot speculative logistics center in Fontana, Calif.
The Center at Needham Ranch is located at the southern entrance to the city, within one mile of the intersection of Interstate 5 and Highway 14, 30 miles from downtown Los Angeles and 15 miles from Burbank Airport. Metrolink access via the Newhall Station is in close proximity.