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12/03/24
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Tishman Speyer and Mitsui Fudosan America (MFA) have started construction on the first phase of Bake Freeway Business Park, a 380k sf, ground-up industrial development in Irvine.
The partnership has secured an $84.75 mil construction loan from JPMorgan Chase for development of the first two buildings at the project. When fully completed, Bake Freeway will encompass 600k sf of Class A industrial space with direct access to the I-5 Fwy and greater Orange County.
The highly flexible and easily divisible buildings are designed to accommodate a wide range of customers looking for distribution facilities, warehouses and manufacturing uses. The Class A buildings will each feature 36-foot clear warehouse space, 25 dock-high doors, two ground-level doors, and over 1 per 1,000 parking.
The structure at 15700 Bake Pkwy will encompass 176.3k sf on 9.5 acres with 186 parking stalls. The 15800 Bake Pkwy building will be 202.8k sf on 10 acres with 287 parking stalls.
Strategically located at the intersection of two of California’s busiest freeways – I-405 and I-5 – the buildings will provide unique signage opportunities and are in close proximity to John Wayne Airport and the Los Angeles port complex. KPRS is serving as the general contractor on the initial phase, which is expected to be completed in the third quarter of 2025.
The joint venture acquired the fully entitled, 31.9-acre development site in December 2023. Upon full completion, Bake Freeway will include four buildings ranging in size from 73k sf to 203k sf.
The Tishman Speyer-Mitsui Fudosan America Logistics Venture was created in 2022 to pursue ground-up industrial development projects and existing value-add industrial buildings in major U.S. markets. The joint venture was seeded by an initial $500 mil commitment from MFA, along with co-investment from Tishman Speyer.
In June, the joint venture acquired a 60-acre, fully entitled development site in Peabody, Massachusetts, where it plans to create a four-warehouse building development. The joint venture also acquired a last mile warehouse and distribution facility in San Francisco’s Bayview submarket in August 2023.
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