{"id":1004191006,"date":"2017-09-20T04:41:06","date_gmt":"2017-09-20T12:41:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004191006"},"modified":"2022-12-08T15:33:06","modified_gmt":"2022-12-08T23:33:06","slug":"wonderful-spec-project-underway-in-central-valley","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/wonderful-spec-project-underway-in-central-valley\/","title":{"rendered":"Wonderful Spec Project Underway in Central Valley"},"content":{"rendered":"

By Barbra Murray<\/em><\/p>\n

\"4100<\/a>

4100 Express Ave. in Shafter, Calif.<\/p><\/div>\n

The call for premier industrial space in California\u2019s Central Valley is growing louder, and Wonderful Real Estate, formerly Roll Real Estate, is responding with a new project. The company is in the midst of developing a 1 million-square-foot speculative industrial property in Shafter, Calif.<\/a>, roughly 130 miles north of Los Angeles and 100 miles south of Fresno in the Central Valley.<\/p>\n

It\u2019s the right time and the right place. \u201cStrengthening market fundamentals, growth of e-commerce and awareness of the Central Valley industrial market has given us the confidence to go spec,\u201d<\/em> Joe Vargas, president of Wonderful Real Estate Development, said in a prepared statement. WRE is constructing the new building at 4100 Express Ave., within the company\u2019s 1,600-acre, rail-served Wonderful Industrial Park. The project holds the distinction of being one of just a few million-square-foot-plus spec industrial developments currently underway with 40-foot clear height, oversized large truck courts and access to four major U.S. Ports (Los Angeles, Long Beach, Hueneme and Oakland).<\/p>\n

4100 Express\u2019s location will provide users with even more than cutting-edge accommodations and coveted transportation infrastructure; it will also offer access to an ample pool of labor that is both qualified and committed. WRE notes that existing tenants at Wonderful Industrial Park consistently record annual labor turnover rates in the low single-digit range.\u00a0<\/p>\n

Central Valley takes center stage
<\/strong><\/h2>\n

Solid positive net absorption and strong rental growth have characterized the Central Valley industrial market for the last two years, according to a second quarter report by commercial real estate services firm JLL, which spearheads leasing activity at Wonderful Industrial Park. And even in the face of new development, the vacancy rate remains a respectable 5.3 percent and is expected to head downward. There\u2019s something about the Central Valley.<\/p>\n

\u201cDemand is coming from primarily big-box users looking to capitalize on real estate costs and outbound distribution. Between super-regional distribution plays and e-commerce distribution the Central Valley is cementing itself as a Tier 1 distribution market within the Southwest U.S.,\u201d<\/em> Mac Hewett, vice president with JLL, told Commercial Property Executive<\/em>.<\/p>\n

WRE expects 4100 Express to be ready to welcome its first tenants in March 2018.<\/p>\n

Image courtesy of Wonderful Real Estate<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The 1 million-square-foot building, which will sit within the 1,600-acre Wonderful Industrial Park in Shafter, Calif., is one of only a few developments of its kind in the market.<\/p>\n","protected":false},"author":969,"featured_media":1004191012,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21748,21742,15],"tags":[32914,32796,37621,37622],"class_list":["post-1004191006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-industrial","category-latest","category-west","tag-e-commerce","tag-jll","tag-roll-real-estate-development","tag-wonderful-real-estate"],"acf":[],"yoast_head":"\nWonderful Spec Project Underway in Central Valley - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/wonderful-spec-project-underway-in-central-valley\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wonderful Spec Project Underway in Central Valley\" \/>\n<meta property=\"og:description\" content=\"The 1 million-square-foot building, which will sit within the 1,600-acre Wonderful Industrial Park in Shafter, Calif., is one of only a few developments of its kind in the market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/wonderful-spec-project-underway-in-central-valley\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-09-20T12:41:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T23:33:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/4100-Express-Ave.-Shafter-Calif..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wonderful-spec-project-underway-in-central-valley\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wonderful-spec-project-underway-in-central-valley\/\",\"name\":\"Wonderful Spec Project Underway in Central Valley - 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