PCCP Provides $48.5M Loan, Construction Begins On LDK Ventures' Richmond Facility
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LDK Ventures just secured a $48.5M construction loan from PCCP for the development of Bay Area Logistics Center in Richmond. Construction has begun on the 707,600 SF distribution facility and is expected to be completed by September 2017.
“The loan presented a very strong opportunity to finance the development of institutional-quality, high-demand distribution product in one of the strongest industrial markets in the country,” PCCP assistant VP Dorian Farhang said. “The Bay Area industrial market is virtually full, with a lack of available land to accommodate large distribution facilities.”
Dorian said while many large users have in the past moved into the Central Valley due to the old, less functional industrial product in East Bay, many large high-quality users such as Amazon, Apple, Whole Foods, FedEx, UPS and Tesla have found space in the infill East Bay market.
Bay Area Logistics Center will be a cross-docked warehouse with 36 feet clear height, ESFR sprinkler system, and excess trailer and auto parking. Multiple leasing options will be available due to a divisible design accommodating single-user or multi-tenant configurations. It is about 16 miles from the Port of Oakland, about 27 miles from the Oakland Airport and next to a UPS hub.