CA Industrial today announced the closing of five transactions totaling $272 million in projected development costs over the last eight months to develop more than 670,000 square feet of industrial space across compelling West Coast industrial and logistics markets including Union City (East Bay), California; Watsonville (Central Coast), California; Richmond (East Bay), California; La Puente (Los Angeles County), California; and Covington (Kent Valley), Washington.
“The closing of these five transactions marks a critical inflection point in our growth strategy as it formalizes CA Industrial’s entrance into California and Washington as well as our continued expansion across the West,” said William Lu, executive vice president and West Coast market officer for CA Industrial. “I am immensely grateful for the opportunity to partner with DWS, Realterm, American Realty Advisors (ARA), Four Stones Real Estate and Transwestern Investment Group on the development of these premium industrial and logistics facilities.”
The assets include:
- Union City, California (58,991 square feet)
In partnership with DWS, CA Industrial is repositioning and stabilizing a roughly 60,000-square-foot building with situated on a 9-acre site at 1551 Atlantic Street in Union City, CA. The asset is located in the I-880 Corridor, a premier industrial market in the Bay Area. The facility is currently available for lease. Leasing efforts are being managed by Jason Ovadia, Greg Matter, Eddie Shuai and Thomas Mensendiek with JLL.
- Watsonville, California (175,500 square feet)
CA Industrial and Four Stones Real Estate, in partnership with American Realty Advisors (ARA), will develop a 175,500-square-foot speculative facility in the Central Coast of California – a relatively underserved industrial market lacking Class A industrial space. The site will include 41 dock doors, 32-foot clear heights, a 190-foot truck court and abundant trailer stalls among other features. The facility is scheduled to deliver in the third quarter of 2023. Leasing efforts are being managed by Jason Ovadia, Greg Matter, and Joel Yungen with JLL along with Benjamin Ow with Ow Commercial.
- Richmond, California (202,400 square feet)
CA Industrial has partnered with a leading global asset manager to develop a 200,000-square-foot speculative facility in Richmond of the greater East Bay market. The site will feature 45 dock doors, double-stacked container storage, 32-foot clear heights and ample trailer and truck parking. This unique asset also offers immediate access to highway transportation and a deep-water pier. The facility is scheduled to deliver in the fourth quarter of 2023. Leasing efforts are being managed by Jason Ovadia, Greg Matter, and Mike Murray with JLL.
- La Puente, California (132,300 square feet)
CA Industrial and Realterm will develop a 132,300-square-foot Class A warehouse in the Los Angeles Basin, which will offer immediate access to both I-10 and I-605, providing excellent east-west and north-south access. The site will offer 32-foot clear heights, 68 trailer stalls and 185-foot truck court, and its frontage on I-605 provides excellent visibility for prospective tenants. The warehouse is scheduled to deliver in the third quarter of 2023. Leasing efforts will be managed by Tony Phu and Jeffrey Kim with Colliers International.
- Covington, Washington (97,000 square feet)
In partnership with Transwestern, CA Industrial plans to develop a 97,000-square-foot Class A warehouse on approximately 20 acres in the greater Seattle area. The site provides excellent visibility from Highway 18, a major thoroughfare connecting I-5 to the southwest and I-90 to the northeast. The site will include 32-foot clear heights and over 500,000 square feet of excess yard for trailer parking and/or outdoor storage. The warehouse is scheduled to deliver in the fourth quarter of 2023. Leasing efforts will be managed Arie Salomon, Jeff Forsberg and Connor Powell with NAI Puget Sound.
“The swift execution of the Union City, Watsonville, Richmond, La Puente and Covington transactions just eight months after announcing William’s appointment and our formal West Coast expansion is a testament to the unparalleled experience of our team and their ability to consistently execute on our investment strategy,” said Michael Podboy, president of CA Industrial. “Each of these markets continue to demonstrate healthy leasing and investment fundamentals, and complement CA Industrial’s growing portfolio of premier industrial and logistics assets excellently.”
Since inception, CA Industrial has closed transactions totaling approximately $1.2 billion of project costs and has more than 10.3 million square feet of industrial space across currently under development in key US markets including in Phoenix, Dallas, Orlando, Atlanta, Savannah, Columbus, Indianapolis and Las Vegas. CA Industrial operates alongside Centris Industrial, Inc. (“Centris”), an externally managed private real estate investment trust (REIT) created to strategically invest in speculative ground-up industrial and logistics projects across the United States.
About CA Industrial
CA Industrial is the dedicated industrial and logistics arm of CA Ventures, the global real estate investment manager, developer and operator. The vertically integrated industrial platform is focused on speculative, ground-up development of modern logistics facilities in strategic U.S. markets. The firm’s barbelled investment strategies capitalize on the unmet demand for mid-box multi-tenant industrial product, as well as smaller product within the urban core. For more information, visit www.ca-ventures.com/real-estate/industrial.
About Centris Industrial, Inc.
Centris Industrial, Inc. (“Centris”) is an externally managed private Real Estate Investment Trust (REIT) based in Chicago, Illinois, strategically designed to invest in speculative ground-up industrial development projects across the United States. For more information, visit www.centrisindustrial.com.
About CA Ventures
CA Ventures is a global vertically integrated real estate investment management company with more than $13 billion in assets across the United States, Europe and Latin America. The Chicago-based firm offers comprehensive in-house investment, development and operational services, and specializes in a range of niche, commercial real estate asset classes including student living, senior living, multifamily, industrial, medical office and life sciences. CA Ventures manages real estate investments on behalf of some of the world’s largest institutional investors across a range of core, value-add and opportunistic investment vehicles. The firm also offers third-party management services for student and residential assets. For more information, visit www.ca-ventures.com.