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8/08/23
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Tishman Speyer and Mitsui Fudosan America (MFA) purchased a 126k sf, last mile warehouse and distribution facility in San Francisco’s India Basin submarket in a $32.75 mil off-market transaction. The urban infill property is located on 2.88 acres at 2225 Jerrold Ave, between Hwy 101 and I-280 at the edge of the city’s Bernal Heights area.
Constructed in 1982, the facility was purpose-built by its original owner to serve as a last mile distribution facility. Tishman Speyer and MFA will undertake a series of capital improvements to create a more modern, flexible and efficient facility that will appeal to a wide range of last-mile users, including upgrading the facility’s office spaces, sprinklers, doors, HVAC and mechanical systems and roof.
The acquisition is the second for Tishman Speyer’s recently launched industrial platform and the first through the Tishman Speyer-Mitsui Fudosan America Logistics Venture. The joint venture is seeded by an initial $500 mil commitment from an affiliate of MFA along with co-investment capital from Tishman Speyer.
Formed in late 2022, Tishman Speyer’s joint venture partnership with MFA was created to pursue ground-up development projects and the major repositioning or redevelopment of existing value-add industrial acquisitions. The partnership focuses on opportunities in major urban centers with dynamic workforces, growing populations and high barriers to entry such as Los Angeles, the New York Metro region, the Puget Sound region, San Francisco Bay Area, Austin, San Diego, Washington D.C., Boston and Chicago.
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