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11/02/18
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Amazon has leased a newly constructed, 1.12 msf industrial facility at NorCal Logistics Center in Stockton. Terms of the lease were not disclosed.
Located at 4532 Newcastle Rd, Amazon’s new fulfillment center benefits from proximity to Burlington Northern Santa Fe and Union Pacific intermodal facilities and is accessible to SR-99, I-5, I-205 and I-580, linking to all major Northern California markets and key Western U.S. destinations. CT was represented by Kevin Dal Porto, John McManus, Blake Rasmussen and Tyson Vallenari of Cushman & Wakefield.
The transaction marks the completion of CT Realty’s roughly 1.7 msf first phase at the 345-acre NorCal Logistics Center. This deal follows the sale of two completed buildings totaling 575.1 sf to Prologis in July 2018.
NorCal Logistics Center is home to General Mills, KeHE Foods, Allen Distributors and Fox Head, and is in the heart of California’s Central Valley, a 185 msf industrial market. The region is an extension of a global logistics supply chain infrastructure that links to West Coast ports in Oakland/Stockton, Los Angeles/Long Beach, Portland, Ore. and Seattle/Tacoma, Wash.
“Our lease with Amazon reinforces the increasingly high demand for quality logistics facilities near heavily populated metropolitan areas,” said Carter Ewing, managing partner of CT. “Having begun NorCal Logistics Center entirely on a spec basis, CT has now leased or sold the first phase of the project at a pace that reaffirms our belief in the regional demand drivers and mirrors the activity we are experiencing in several other projects nationwide.”
“The evolution of modern logistics infrastructure, including inland ports, sea ports and commercial rail systems, has changed the dynamics of how containerized cargo is distributed nationwide and throughout the world,” added Ewing. “Investing in buildings that are strategically located near this infrastructure is integral to meeting the demands of today’s most progressive logistics users and is at the heart of our national strategy,” added Ewing.
The transaction marks CT’s second lease with Amazon this year. The e-commerce giant also leased a 395k sf space at Southport Logistics Park in South Dallas, TX, a CT venture with Port Logistics Realty and Diamond Realty Investments. CT is underway on the second phase of development at NorCal Logistics Center, with five buildings totaling 2.74 msf that will be built as a mix of spec and build-to-suit projects.
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