1.5 MSF NorCal Logistics Campus Hits Development Milestones – What is a Ground Lease?

, 1.5 MSF NorCal Logistics Campus Hits Development Milestones – What is a Ground Lease?, Robert Khodadadian

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Construction has gone vertical at Ridgeline Property Group’s Class A Midway Commerce Center in Vacaville, Calif. Ridgeline is developing the project with capital partner and manager USAA Real Estate.

Vacaville is in Solano County, roughly halfway between San Francisco and Sacramento. The 89.7-acre logistics park is on Eubanks Drive, a mile from the Midway Road and I-505 interchange, and has quick access to I-80.

Walls are in place and the roof deck is being installed on the 1.5 million-square-foot park’s largest structure. Building C is an approximately 1.2 million-square-foot, cross-dock facility with a 42-foot clear height and hydraulic dock levels at all 209 positions.

Wall panels are going up at Building A, a 198,490-square-foot rear-loading facility with a 36-foot clear height and mechanical dock levers at every other position.

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Both buildings will feature LED lighting, ample power, and high-finish offices, according to Ridgeline, and will be ready for occupancy by early fall.

In a prepared statement, Steve Arthur, a partner at Ridgeline, said plans for the 105,908-square-foot Building B will be announced very soon.

Ridgeline, which is based in Atlanta, did not reply to Commercial Property Executive’s request for additional information.

HPA Architecture is the project’s designer.

In the prepared statement, Vacaville City Manager Aaron Busch called the campus well positioned to attract logistics, distribution and e-commerce tenants, as well as advanced manufacturing industries.

Brooks Pedder, John McManus and Tony Binswanger of Cushman & Wakefield are the park’s exclusive leasing brokers.

Tight and getting tighter

The industrial space market in the Solano and Napa counties saw its razor-thin vacancy of 1.0 percent creep down to 0.9 percent in the fourth quarter, setting another record low, according to a report from Colliers. The average asking rent has risen a bit, to $0.79 per square foot, triple net.

About 3.3 million square feet is under construction, versus a current industrial inventory of 56.3 million square feet.

In December, local planning officials approved Transwestern’s plans to develop Axiom Point, a 375,000-square-foot biomanufacturing campus in Vacaville’s Vaca Valley Business Park. The park, at I-80 and I-105, is already home to Genentech and Johnson & Johnson, among other life science companies.

The post 1.5 MSF NorCal Logistics Campus Hits Development Milestones appeared first on Commercial Property Executive.

 Development, Industrial, News, San Francisco, West, Colliers, Cushman & Wakefield, HPA Architecture, Ridgeline Property Group, USAA Real Estate 

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