Project Could Include up to 1 Million Square Feet of Industrial and Office Space
SAN FRANCISCO, CA – May 2, 2013 Trammell Crow Company, one of the nation’s leading developers and investors in commercial real estate, and joint venture partner Principal Real Estate Investors, announce the purchase of a 57-acre land site from Cisco Systems, Inc. (NASDAQ: CSCO), located near the existing Cisco campus in North San Jose, CA. The venture is evaluating a number of opportunities on the land, including speculative industrial development, land parcel sales and build-to-suits.
“We've been looking for opportunities to do a high-quality business or industrial park in Santa Clara County," said John Greer, Principal and Head of Trammell Crow Company’s Northern California Business Unit. “We feel there's a diminishing inventory of quality industrial space, and there are clear opportunities here for uses including assembly and light manufacturing, as some of these activities come back to the Bay Area from off-shore.”
The site is highly visible from and accessible to Highway 237. With proximity both to the San Francisco Peninsula and to the 880 Corridor leading to the Port of Oakland, it is the only available industrial site of this magnitude in Silicon Valley and will be the first modern Class A industrial facilities developed in San Jose in the past 15+ years.
“Finding 57 contiguous acres in the Bay Area is rare,” said Rob Klinkner, Assistant Managing Director, with Principal Real Estate Investors. ”We are very excited that our first joint venture with TCC in Northern California has the capacity to create a state of the art industrial campus. We believe this is an excellent opportunity to develop high quality product to meet the pent up demand for well-located Class A space.”
Rob Shannon, Senior Vice President with CBRE in San Jose, CA represented the joint venture in the deal. The project marketing team will also include Chip Sutherland, Senior Vice President with CBRE in San Jose, CA.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub advises $46.5 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
About Trammell Crow Company
Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of March 31, 2013, Trammell Crow Company had over $4.3 billion of projects in process and $1.9 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 15 major cities throughout the United States. The company serves users of and investors in, office, industrial, retail, healthcare, multifamily residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company offers large strategic joint ventures, opportunity funds, and other targeted investment options.
Trammell Crow Company is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 nd S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and nvestment firm (in terms of 2012 revenue). For more information visit www.TrammellCrow.com.
