A joint venture between Trammell Crow Company, one of the nation’s largest commercial real estate developers and investors, and Clarion Partners has announced that construction on the next building at The Center at Needham Ranch has commenced. Building 10 is situated on 12 gross acres and is scheduled for construction to be complete by year-end 2021. The building is located within the 250 gross-acre, state-of-the-art Class A business park in Santa Clarita, California and is one of the largest industrial business parks in the entire Western U.S.
The 179,854-square-foot Building 10 will be 36’ minimum clear height with 140’ minimum truck court depth and will include ESFR fire sprinklers and 30 dock-high loading positions with a cross-dock configuration to support high-throughput logistics operations. The project will also feature a fully secure yard area in addition to modern, attractive architectural design and above-standard parking optionality. Office space in Building 10 can be customized to suit.
“We are pleased to start the next building at The Center at Needham Ranch. Industrial occupier activity and interest in this project across the greater Los Angeles region is robust, with occupiers responding favorably to the operating advantages and efficiencies that our high-quality Class A industrial space provides with very limited alternatives currently available today,” said John Balestra, Principal with TCC’s SoCal – Los Angeles Business Unit. “The project is strategically located immediately adjacent to the San Fernando Valley and approximately one mile north of Interstate 5 and adjacent to Highway 14, which provides convenient access to over five million people. In addition to this benefit, the business-focused City of Santa Clarita and the desirable live-work-play environment in the area are key in gaining competitive advantage and attracting top talent with a significantly lower cost of doing business.”
“We continue to experience very strong activity for our remaining state-of-the-art, Class A industrial space,” added Nicole Welch, Senior Vice President with Clarion Partners, LLC. “With active interest in the remaining two buildings in Phase 1 – which includes the 212,236-square-foot Building 3 and 187,859-square-foot Building 4 – we are excited to be starting the next building in response to strong occupier interest. The Center at Needham Ranch offers a unique environment to the market and an opportunity for prospective occupiers to create tremendous operating efficiencies and cost savings due to a highly strategic location and the benefits of the 36-foot interior clear height and abundant truck loading and car parking.”
“We are excited to bring additional new first-generation space to the market,” stated Craig Peters of CBRE, the project’s leasing agent. “We continue to see strong leasing demand from a highly diverse mix of last-mile and regional distribution, studio and entertainment, aerospace and defense, and food and beverage users. Following a COVID-induced pause in leasing activity earlier this year, industrial space absorption has been red hot year-to-date in North Los Angeles, with Class A vacancy at historical lows and very limited sites for new supply to be delivered in the 2021 through 2023 time frame.”
At full build out, The Center at Needham Ranch will include approximately 1,900,000 square feet of Class A industrial space. Phase 1 included the development of 850,375 square feet and an additional 1,033,269 square feet will deliver as part of Phase 2. Building offerings will range from approximately 72,636 square feet to up to 500,000 square feet on a 127 gross-acre site.
The General Contractor for the project is Oltman’s Construction Co., the architect is HPA, Inc. and the civil engineer is Alliance Land Planning & Engineering. CBRE’s Craig Peters, Doug Sonderegger and Cameron Merrill are the leasing agents for the property.
Learn more about The Center at Needham Ranch by clicking the links below:
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired 2,700 buildings valued at nearly $65 billion and over 590 million square feet. As of September 30, 2020, TCC had $14.8 billion of projects in process and $5.9 billion in its pipeline. It employs more than 550 professionals in the United States and the United Kingdom.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 18 major cities throughout the United States and London. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential, through its operating subsidiary High Street Residential, and mixed-use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet the needs of its clients. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development and providing incentive-based fee development services.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2019 revenue).
