First Phase of Tishman Speyer and Mitsui Fudosan America’s Southern California Industrial Development to be Financed in Part by $84.75 Million Construction Loan
Tishman Speyer and Mitsui Fudosan America (MFA) today announced the start of construction on the 380,000-square-foot first phase of Bake Freeway Business Park, its ground-up industrial development in Irvine, CA, one of Southern California’s premier industrial markets.
To help finance the first two buildings of Bake Freeway, Tishman Speyer and MFA have secured an $84.75 million construction loan from JPMorgan Chase. When fully completed, Bake Freeway will encompass 600,000 square feet of Class A industrial space with direct access to the I-5 freeway and greater Orange County.
The highly flexible and easily divisible buildings are designed to accommodate a wide range of customers looking for distribution facilities, warehouses and manufacturing uses. The Class A buildings will each feature 36-foot clear warehouse space, 25 dock high doors, 2 ground level doors, and over 1 per 1,000 parking. 15700 Bake Parkway will encompass 176,337 square feet on 9.5 acres with 186 parking stalls, while 15800 Bake Parkway will be 202,831 square feet on 10 acres with 287 parking stalls.
Strategically located at the intersection of two of California’s busiest freeways – I-405 and I-5 – the buildings will provide unique signage opportunities and are in close proximity to John Wayne Airport and the Los Angeles port complex. KPRS is serving as the general contractor on the initial phase, which is expected to be completed in the third quarter of 2025.
“Bake Freeway Business Park will bring brand new industrial space to a location that has been historically underserved with new, Class A product,” said Tishman Speyer Managing Director Andy Burke. “Working with Mitsui Fudosan America, JPMorgan Chase, and the City of Irvine, we are proud to have reached this milestone and look forward to delivering this best-in-class project.”
The joint venture acquired the fully entitled, 31.9-acre development site in December 2023. Upon full completion, Bake Freeway will include four buildings ranging in size from 73,000 to 203,000 square feet.
The Tishman Speyer-Mitsui Fudosan America Logistics Venture was created in 2022 to pursue ground-up industrial development projects and existing value-add industrial buildings in major U.S. markets. The joint venture was seeded by an initial $500 million commitment from MFA, along with co-investment from Tishman Speyer.
In June, the joint venture acquired a 60-acre, fully entitled development site in Peabody, Massachusetts, where it plans to create a four-warehouse building development. The joint venture also acquired a last mile warehouse and distribution facility in San Francisco’s Bayview submarket in August 2023.
About Tishman Speyer (tishmanspeyer.com)
Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 36 key markets across the United States, Europe, Asia and Latin America. Our portfolio spans market rate and affordable residential communities, premier office properties and retail spaces, industrial and data center facilities, and mixed-use campuses. We create state-of-the-art life science centers through our Breakthrough Properties joint venture, and foster innovation through our strategic proptech investments. With global vision, on-the-ground expertise and a personalized approach, we foster innovation, quickly adapt to global and local trends and proactively anticipate our customers’ evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as our tenant amenities platform, ZO, and our flexible space and co-working brand, Studio, we tend not just to our physical buildings, but to the people who inhabit them on a daily basis. Since our inception in 1978, Tishman Speyer has acquired, developed, and operated 560 properties, totaling 227 million square feet, with a combined value of nearly $128 billion (U.S.). Our current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco.
About Mitsui Fudosan America (mfamerica.com)
Mitsui Fudosan America, Inc. (MFA) is the US subsidiary of Japan’s largest real estate company, Mitsui Fudosan Co., Ltd., a publicly-traded company with approximately $66 billion of assets. MFA is responsible for Mitsui Fudosan’s real estate investment and development activities in North America, and is headquartered in New York, with branch offices in San Francisco, Los Angeles, Dallas and Honolulu. MFA has been active in the United States since the 1970s, and currently owns over 5,000 operating apartments, with an additional 6,000 units in development; almost 10 million square feet of commercial space, with over 4 million square feet in development; and over 750 hotel rooms.
