Seefried, USAA to Build Spec Warehouse in California – What is a Ground Lease?

, Seefried, USAA to Build Spec Warehouse in California – What is a Ground Lease?, Robert Khodadadian

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Seefried Properties and its capital partner and manager USAA Real Estate have purchased a 19-acre plot in Tracy, Calif. The sale price was not disclosed. Plans for the site include the development of a Class A distribution warehouse, expected to break ground in late 2023.

Situated in Tracy’s Northeast industrial submarket, the speculative office and warehouse building will comprise 335,157 square feet. HPA Architecture is in charge of design, while Kier & Wright is the civil engineer for the upcoming facility. Plans for the industrial building include trailer parking, car parking, 36-foot clear heights, ESFR sprinklers and LED lighting.

Mike Goldstein and John Steinbuch with Colliers represented the buyer in the deal and will handle leasing efforts at the new property.

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In prepared remarks, Jason Quintel, senior vice president of Seefried’s Western Region, said that the site was one of the last remaining plots of land for sale in the east Tracy submarket. The area is known for being a distribution hot spot in the Central Valley.

The site is located on the northwest corner of Grant Line Road and Chrisman Road, with access to interstates 205, 5 and 580, offering tenants a variety of transportation routes to the Western U.S. and larger Bay Area. The Port of Oakland is some 54 miles west of the land, while Sacramento is approximately 65 miles north. The Union Pacific and Burlington Northern Santa Fe Intermodal facilities are in close proximity to the anticipated project.

In November, Seefried begun work on another distribution facility in Savannah, Ga. The logistics center, anticipated to comprise five build-to-suit buildings ranging from 252,000 to 1.4 million square feet, is rising on 287 acres. Completion is anticipated for the end of 2023.

The post Seefried, USAA to Build Spec Warehouse in California appeared first on Commercial Property Executive.

 Development, Industrial, Investment, News, Sacramento, West, Colliers, HPA Architecture, Seefried Industrial Properties, USAA Real Estate 

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