Trammell Crow Company (TCC) has been appointed by long-time partner Principal Real Estate Investors, to serve as the master developer of San Leandro Business Center, a new speculative Class A industrial project that sits on a 30.61-acre site located in the I-880 corridor. The project will include three Class A industrial buildings totaling 553,200 square feet of high-tech manufacturing, assembly and distribution space. Construction is expected to begin Q2 2017 and complete in Q3 2018.
The site—one of the largest development sites in the area—is currently home to the 1950s-built, 328,000-square-foot former Kraft Foods plant. Closed late last year, the facility made Tang, Kool-Aid, and a number of coffee and tea brands, such as Maxwell House, Gevalia, and Yuban.
“Very few projects of scale in this supply-constrained submarket are even possible,” said Parker Larson
, Senior Associate with TCC’s Northern California Business Unit
. “We have created a vision for the site that we believe meets demand. We are excited to be working with Principal again on a unique interior Bay Area project.”
“We are very excited to be moving forward with this project,” added Jeff Uittenbogaard, an Investment Director with Principal Real Estate Investors. “East Bay investment opportunities as well located as this site don’t come around very often.”
The CBRE Oakland team of Michael Barry and Robert Ferraro represented seller in the transaction. Additionally, the team will serve as the leasing agents for the project.
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 more than 2,600 buildings valued at more than $60 billion and over 565 million square feet. As of September 30, 2016, TCC had $7.1 billion of projects in process and $3.7 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. 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 its clients’ needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development or providing incentive-based fee development services.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), 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 2015 revenue). For more information visit www.TrammellCrow.com.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $71.8 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®.
*As of December 31, 2016.