{"id":1004312399,"date":"2019-03-28T04:09:33","date_gmt":"2019-03-28T12:09:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004312399"},"modified":"2019-03-28T04:09:33","modified_gmt":"2019-03-28T12:09:33","slug":"amazon-industrial-building-in-bay-area-sells-for-105m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/amazon-industrial-building-in-bay-area-sells-for-105m\/","title":{"rendered":"Amazon Industrial Building in Bay Area Sells for $105M"},"content":{"rendered":"
\"NorCal<\/a>

NorCal Logistics Center<\/p><\/div>\n

CT Realty has wrapped up the first phase of its 4.4 million-square-foot NorCal Logistics Center in the San Francisco Bay Area with the disposition of a new building that\u2019s leased in its entirety to Amazon. CT sold the approximately 1.1 million-square-foot facility at 4532 Newcastle Road in Stockton, Calif., to Bentall Kennedy (U.S.) LP in a transaction valued at $105.3 million.<\/p>\n

NorCal spans 342 acres in the Central Valley submarket, an area with easy access to a supply chain infrastructure that connects to the Northern California ports, as well as those in Los Angeles\/Long Beach, Portland and Seattle\/Tacoma. The state-of-the-art building at 4532 Newcastle commanded significant amount of attention from the investment community.<\/p>\n

\u201cThe broad interest surrounding this sale reflects the increasingly high demand by tenants and investors for quality logistics facilities near heavily populated metropolitan areas,\u201d <\/em>Carter Ewing, managing partner at CT Realty, said in a prepared statement.<\/p>\n

CT completed the development of 4532 Newcastle in 2018 and sold the two other buildings comprising the 1.7 million-square-foot first phase of NorCal to Prologis for $47 million. The company has already commenced development of NorCal\u2019s second phase, which will yield an additional five spec and build-to-suit facilities totaling 2.7 million square feet. The properties are sprouting up at a time when users are hungry for new product. \u201cVacancy is at near historically low levels and demand remains strong for large blocks of modern distribution space,\u201d<\/em> according to a fourth quarter 2018 report by Cushman & Wakefield, which handles leasing at NorCal. <\/p>\n

Multi-tasking<\/strong><\/h2>\n

CT Realty has a national construction pipeline that currently encompasses 5 million square feet. Projects presently underway include Interchange 55 Logistics Park<\/a>, a 1.3 million-square-foot property in Romeoville, Ill., a suburb of Chicago. The company is also busy developing an aggregate 3.6 million square feet of premier logistics offerings in the Dallas-Fort Worth area, Indianapolis and Atlanta.<\/p>\n

National demand for Class A industrial space persists, buoyed principally by e-commerce and consumers\u2019 increasingly loud cry for next-day and same-day delivery, as CT noted.<\/p>\n

Image courtesy of CT Realty<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

CT Realty completed the development of the 1.2 million-square-foot industrial facility in 2018, as part of the first phase of the company\u2019s NorCal Logistics Center. <\/p>\n","protected":false},"author":969,"featured_media":1004312426,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,21742,36079,15],"tags":[37482,33217,36334,32799,32914],"class_list":["post-1004312399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-latest","category-san-jose","category-west","tag-amazon","tag-bentall-kennedy","tag-ct-realty","tag-cushman-wakefield","tag-e-commerce"],"acf":[],"yoast_head":"\nAmazon Industrial Building in Bay Area Sells for $105M - 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\/amazon-industrial-building-in-bay-area-sells-for-105m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amazon Industrial Building in Bay Area Sells for $105M\" \/>\n<meta property=\"og:description\" content=\"CT Realty completed the development of the 1.2 million-square-foot industrial facility in 2018, as part of the first phase of the company\u2019s NorCal Logistics Center.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/amazon-industrial-building-in-bay-area-sells-for-105m\/\" \/>\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=\"2019-03-28T12:09:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/NorCal-Logistics-Center.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\/amazon-industrial-building-in-bay-area-sells-for-105m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/amazon-industrial-building-in-bay-area-sells-for-105m\/\",\"name\":\"Amazon Industrial Building in Bay Area Sells for $105M - 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