TEJON RANCH, CALIF. — Tejon Ranch Co. and Rockefeller Group Development Corp. have broken ground for the construction of a second building at Tejon Industrial Complex, a 1,450-acre master-planned commercial development in Tejon Ranch. Part of the park’s 39-acre The Campus section, the 120,000-square-foot building is designed to serve the needs of manufacturers and smaller warehouse operators. Designed by Irvine, Calif.-based HPA, the facility is scheduled for completion by September 2008. Additionally, the partnership is currently constructing a 606,000-square-foot warehouse building on the site, which is set for completion in January 2008.
BERKELEY COUNTY, S.C. — A joint venture partnership between Rockefeller Group Development Corp. and MeadWestvaco Corp. will begin construction on a 1.1-million distribution center in the fourth quarter. Completion is slated for late next year. The warehouse will be located in the Rockefeller Group Foreign Trade Zone/Charleston near the interchange of Interstate 26 and Jedburg Road in Berkeley County. The tire company TBC Corp. will base its East Coast wholesale operations at the property. “We are excited about the opportunity to consolidate a portion of our distribution network to a new and larger facility in the Charleston area,” Erik Olsen, president of TBC, said in a press release. “The infrastructure and location of the Port of Charleston complements our growth and will allow us to meet the growing demands of our customers.” Access to the port will give TBC easy access to foreign suppliers, and the firm expects to bring thousands of containers through the port each year. The public/private effort involved participation from a number of government agencies in the Charleston area. Representatives from the state senate, the county government and the South Carolina Department of Commerce all assisted in getting TBC to the county. “From the state level …
OCEANSIDE, CALIF. — San Diego-based Reno Contracting is working toward a March completion of the 84,000-square-foot U.S. Department of Veteran Affairs outpatient clinic. The property will be located in the Seagate Corporate Center at 1300 Rancho Del Oro in Oceanside. Rockefeller Group Development Corp. is overseeing the build-to-suit project.
At the end of the second quarter, the total industrial square footage in Salt Lake City was more than 110.7 million with an available square footage of 7.6 million, creating a vacancy of 6.89 percent. Big box space in Salt Lake has a 7.29 percent vacancy rate, compared to 5.62 percent in second quarter 2008. Current lease rates are down 2.38 percent from the second quarter of 2008. The hardest hit industrial segment is in the 0 to 5,000-square-foot size increments, which experienced an 11.54 percent decrease in average rents from second quarter 2008. The market is down from the record years of 2007 and 2008, both in speculative development and leasing activity. Like most markets, vacancy rates climbed through the second quarter of 2009, with approximately 1.5 million square feet of existing product coming back to the market. However, the Salt Lake industrial market is in a strong position in the West; third quarter projections are strengthening. Reckitt Benckiser just broke ground on the 200-acre Phase I of Miller Sports Park Industrial Development, a $25 million, 650,000-square-foot distribution center. Another project to note is the planned groundbreaking by The Rockefeller Group on a 365,000-square-foot distribution center on a 71-acre …
OCEANSIDE, CALIF. — New York-based Rockefeller Group is developing an 80,000-square-foot, built-to-suit outpatient client for the U.S. Department of Veterans Affairs at Seagate Corporate Center in Oceanside. The two-story facility is located north of Oceanside Boulevard. Smith Consulting Architects is providing architectural services along with Raymond Fox & Associates, which is serving as consulting medical architects and providing interior design services. Reno Consulting is serving as general contractor for the project.
FLORHAM PARK, N.J. — Atlantic Health has announced plans to develop a four-story, 100,000-square-foot medical facility at The Green at Florham Park, a 268-acre master-planned project that is being developed in Florham Park by a joint venture between Rockefeller Group Development Corp. and Roseland, N.J.-based The Gale Real Estate Services Company. Called Atlantic Sports Health Institute, the facility will specialize in sports medicine. It is located adjacent to the training facility for the New York Jets and is located between Morristown Memorial Hospital in Morristown, N.J., and Overlook Hospital in Summit, N.J.—both of which are owned by Atlantic Health. Construction is scheduled to begin in mid-2009 with completion expected in mid-2010.
What area is your expertise? Salt Lake Valley, Utah What trends do you see presently in industrial development in your area? Large flex office, warehouse and light industrial centers are planned for the northwest quadrant of the Salt Lake Valley near the new Pacific Railroad’s Salt Lake City Intermodal hub at Highway 201 and Bangerter Highway. What type of industrial product is doing well in your area? With vacancy less than 5 percent, all industrial products are doing will. First generation product landlords will continue to push for increasing rates of $.55+ psf/mo/nnn (warehouse) and $1.00+ psf/mo/nnn (office). Second generation industrial buildings remain occupied with some softening of lease rates. Who are the active industrial developers in your area? Argent Group, Roderick Enterprises, and Rockefeller Group Development Co, Please name one or two significant industrial developments in your area. What impact will these projects have on the market? Two developments are planned to be constructed at Bangerter Highway and Highway 201. When completed, The Commerce Center, developed by The Argent Group, will add 1.8 million square rentable square feet. The Rockefeller Group will increase available space by 930,000 rentable square feet. Where is the majority of development taking place? Why …
TEJON RANCH, CALIF. — A joint venture between Tejon Ranch Company and Rockefeller Group Development Corp. has developed a 606,000-square-foot warehouse facility at its Tejon Industrial Complex, a 1,450-acre master-planned commercial development located at the junction of Interstate 5 and Highway 99 in Tejon Ranch. Part of the 3.1 million-square-foot complex, the new building is designed for single- or multiple-tenant use. Irvine, Calif.-based HPA designed the new building, which was constructed by Fullmer. Additionally, the U.S. Department of Commerce has officially recognized the expansion of Foreign Trade Zone #202 to now include an initial 177 acres at Tejon Industrial Complex.
CRANBURY, N.J. — Cushman & Wakefield has brokered the sale of 324 Half Acre Road, a 680,000-square-foot distribution facility in Cranbury. The newly constructed Class A property was sold by Rockefeller Group Development Corp. and IDI to US Industrial REIT II. The building features cross docking and 36-foot clear ceilings. Stan Danzig and Jules Nissim of Cushman & Wakefield brokered the sale for an undisclosed price. Kuehne & Nagel is currently leasing 443,803 square feet at the facility.
NEW YORK CITY — Newmark has arranged a $260 million loan for the refinancing of 75 Rockefeller Plaza, a 627,000-square-foot office building located within Midtown Manhattan’s Plaza District. Office users at 75 Rockefeller Plaza, which was originally constructed in 1947, include WeWork and Bank of America, and American Girl anchors the ground-floor retail space. Jordan Roeschlaub, Dustin Stolly and Nick Scribani of Newmark arranged the financing through Bank of America and Carlyle Group. The borrower, RXR Realty, originally acquired the leasehold interest in the asset in 2013 and has subsequently invested $150 million in capital improvements. RXR Realty also operates its New York City headquarters out of the building.