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3/31/14
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Here’s news of a significant industrial deal in central CA as American Tire Distributors Inc signed a lease for 1 msf of space at Roll Real Estate Development’s Paramount Logistics Park in Shafter. The biz park, located at 5000 Capital Rd, is a project of Roll Real Estate Development, the commercial real estate development division of Roll Global.
American Tire joins esteemed companies such as Target, Formica, The Hillman Group, Baker Hughes and Ross Dress for Less, which recently closed a 160-acre land acquisition for the development of a 1.7 msf distribution center.
The new industrial building that will be built for American Tire will be situated on more than 45 acres and will include 234 trailer stalls and 201 loading docks. Nearly 10k sf of the building will be reserved for office space. The building will also feature 32-foot clear height and include an ESFR fire sprinkler system to accommodate tire storage.
Since 2007, American Tire has occupied a 176.5k sf industrial building at Paramount Logistics Park, also in Shafter, near Bakersfield’s Meadows Field Airport. In May 2013, the company entered into a build-to-suit lease transaction with Roll Real Estate Development for a 350k sf building within the park. Due to rapidly growing consumer demand in the Western United States, American Tire and Roll recently restructured the lease, tripling the required building size to more than 1 msf.
“American Tire’s expansion in the Central Valley will significantly improve its capability to distribute to tire retailers quickly and more efficiently,” said Jason Gremillion, Vice President of Development at Roll Real Estate. “Being located at the Paramount Logistics Park provides strategic access to customers throughout the western states, and they can utilize Kern County’s young and motivated workforce to bolster growth in the company and community.”
Paramount Logistics Park’s central location gives companies access to a robust transportation infrastructure. Paramount Logistics Park is minutes from Hwy-99, I-5 and Hwy-58, allowing access to 14 percent of the U.S. population within 300 miles, and offers convenient dual port access to the Port of Los Angeles and Port of Long Beach, as well as Port of Oakland. It is also nearby to FedEx and UPS ground hubs in Bakersfield, Calif and Meadows Field Airport is seven miles away. The project also features an onsite rail yard with more than 9,000 feet of track able to accommodate unit trains with direct access to Burlington Northern Santa Fe (BNSF) Railway’s mainline.
“American Tire Distributors decision to dramatically expand operations at Paramount Logistics Park is yet another indication of the advantages of the partner approach that we have with our customers. We were able to restructure and close this transaction to meet their growing business needs within a matter of weeks,” said John Balestra, President of Roll Real Estate Development. “With in place entitlements for up to 26 msf of additional development with the City of Shafter, we provide speed and certainty of execution. Our mutual success depends on timely decisions and the ability to execute quickly. In the case with American Tire, these capabilities really shined.”
Both parties represented themselves in the transaction.
In March 2013, Ross Dress for Less broke ground on its new 1.7 msf distribution center at Paramount Logistics Park, which will create more than 1,500 new jobs in the area. The facility is expected to be completed in the third quarter of 2014.
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