{"id":1004714403,"date":"2024-05-22T03:40:25","date_gmt":"2024-05-22T11:40:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004714403"},"modified":"2024-05-28T08:43:59","modified_gmt":"2024-05-28T16:43:59","slug":"hines-jv-breaks-ground-on-bay-area-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-jv-breaks-ground-on-bay-area-project\/","title":{"rendered":"Hines JV Launches Bay Area Project"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"900\" data-attachment-id=\"1004714410\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hines-jv-breaks-ground-on-bay-area-project\/download-3-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/download-3-1.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"download (3) (1)\" data-image-description=\"&lt;p&gt;Property at at 49000 Milmont Drive, Fremont, Calif.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;For this redevelopment, the venture demolished three 1980s buildings. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/download-3-1.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/download-3-1.jpg\" alt=\"Property at at 49000 Milmont Drive, Fremont, Calif.\" class=\"wp-image-1004714410\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/download-3-1.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/download-3-1.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/download-3-1.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/download-3-1.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><figcaption class=\"wp-element-caption\">For this redevelopment, the venture demolished three 1980s buildings. <em>Image courtesy of Hines<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>A joint venture between Hines Interests and Oaktree Capital Management has broken ground on Milmont Industrial, a 267,000-square-foot advanced manufacturing and distribution facility in Fremont, Calif. Completion is expected next year.<\/p>\n\n\n\n<p>First Citizens Bank &amp; Trust Co. issued a construction note of $54.2 million in 2023, public records show. CBRE Executive Vice Presidents Brad Zampa and Mike Walker, alongside Senior Director Megan Woodring, secured the financing.<\/p>\n\n\n\n<p>The partnership purchased the infill, 14-acre unentitled industrial site for $47 million in 2021. Three buildings, which dated back to the 1980s, were demolished to make room for the new structure.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/top-emerging-industrial-markets\/\">Emerging Industrial Markets in the US<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>Upon delivery, the facility will feature 36-foot clear heights and flexible design. CBRE will handle the marketing and leasing efforts.<\/p>\n\n\n\n<p>Located 10 miles north of downtown San Jose, Calif., at 49000 Milmont Drive, the site is part of the Warm Springs District\u2014an area known for its concentration of companies in the semiconductor, tech, EV and life science industries. The property is roughly 1 mile from interstates 880 and 680.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bay Area&#8217;s robust industrial pipeline<\/h2>\n\n\n\n<p>Bay Area\u2019s supply pipeline totaled nearly 4.4 million square feet of industrial space\u2014accounting for 1.5 percent of stock\u2014as of March, according to a recent <a href=\"https:\/\/www.commercialsearch.com\/news\/mastering-supply-chain-challenges-while-learning-from-experience\/\">CommercialEdge report<\/a>. <\/p>\n\n\n\n<p>One large future addition to this pipeline will pertain to Related Cos.\u2019 $8 billion, 9.2 million-square-foot mixed-use development in Santa Clara, Calif. The mega project was initially planned and approved for 5 million square feet of office space and 1,680 multifamily units, together with 700 hotel keys. However, Related recently <a href=\"https:\/\/www.commercialsearch.com\/news\/8b-related-cos-project-swaps-4-msf-of-office-space-for-industrial\/\">applied with the city<\/a> to replace most of the office space with up to 1.6 million square feet of light industrial and manufacturing space.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>First Citizens Bank &#038; Trust Co. provided a $54.2 million construction loan.<\/p>\n","protected":false},"author":3471,"featured_media":1004714410,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21748,21742,36079,15],"tags":[32789,33278,38356,32944],"class_list":["post-1004714403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-industrial","category-latest","category-san-jose","category-west","tag-cbre","tag-first-citizens-bank","tag-hines-interests","tag-oaktree-capital-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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