First Industrial to Build 1 MSF Central Valley Facility – What is a Ground Lease?

, First Industrial to Build 1 MSF Central Valley Facility – What is a Ground Lease?, Robert Khodadadian

Rendering of First Stockton Logistics Center. Image courtesy of First Industrial Realty Trust Inc.

First Industrial Realty Trust is set to develop First Stockton Logistics Center, a 1 million-square-foot distribution center in Stockton, Calif. The total investment for the project is estimated at $126 million. The development is slated for completion in early 2024.

Millie and Severson will serve as general contractor, HPA is the architect and Keir + Wright is providing civil engineering servcies.

Upon completion, the distribution center will feature 42-foot clear heights, 204 loading docks, ESFR sprinklers, LED lighting, 509 trailer stalls and 590 auto spaces. The building will include 8,000 square feet of office space and will be aiming LEED Silver certification. Executive Managing Director Mike Goldstein alongside Vice Chairmen Ryan McShane and Gregory O’Leary with Colliers will handle leasing at the property.

The 70.3-acre site is located at 6201 S. Newcastle Road, in the Central Valley market, and is part of the Stockton Airport submarket, 53 miles from Sacramento and 83 miles from San Francisco. The property will have access to Highway 99 and Interstate 5 via Arch Road. Companies in the surrounding area include Niagara Bottling, Amazon, FedEx and Gatorade, among others.

Central Valley had an overall vacancy rate of 6.0 percent in the fourth quarter of 2022, a 60-basis-point increase from the previous quarter, a Colliers report shows. The market has 7 million square feet under construction, mostly concentrated in the Stockton area, with approximately 6.4 million square feet in the supply pipeline.

First Industrial deals

Back in October 2022, First Industrial leased its first phase of First Logistics Center at 283 to U.K.-based fashion retailer Boohoo, in Elizabethtown, Pa. The company is constructing an additional 700,000 square-foot facility, slated for delivery in the second quarter of 2023.

In September, First Industrial inked a full-building lease with International Vitamin Corp. The industrial facility located in Philadelphia encompasses 180,171 square feet and was purchased by the company in 2005.

Founded in 1994, First Industrial has 440 industrial buildings under its ownership and development in key distribution hubs across the U.S., totaling approximately 68.9 million square feet, with a total market capitalization of $8.6 billion.

The post First Industrial to Build 1 MSF Central Valley Facility appeared first on Commercial Property Executive.

 Development, Industrial, News, West, Colliers, First Industrial Realty Trust 

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