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Macy’s has signed a 272,000-square-foot long-term lease at a 456,465-square-foot facility in Lathrop, Calif. Colliers negotiated on behalf of the owner, Phelan Growth, whereas Cushman & Wakefield represented the tenant.
The newly accomplished logistics facility is a part of the second section of Phelan Lathrop Gateway industrial park, together with a 390,000-square-foot constructing. The primary section includes two warehouses totaling some 990,000 sq. ft. Plans name for the addition of six extra properties, which is able to deliver the campus to roughly 3 million sq. ft.
Macy’s new dwelling
The front-load distribution heart dubbed Constructing 3 options 36-foot clear heights, 53 dock-high loading doorways, two drive-in doorways and 69 trailer stalls, in addition to 292 parking areas. The property additionally options 195-foot truck courts and three,408 sq. ft of speculative workplace house.
Situated at 3400 W. Yosemite Ave., the power gives easy accessibility to Interstate 5 and Freeway 99. Port of Stockton is 15 miles away, whereas Oakland Worldwide Airport is a few 56 miles southwest. Downtown San Jose is inside 65 miles and downtown San Francisco is 72.5 miles west.
Cushman & Wakefield Govt Managing Administrators Jay Hagglund and Tyson Vallenari labored on behalf of the tenant. Colliers’ brokerage crew that represented the proprietor included Govt Managing Director Michael Goldstein along with Vice Chairs Ryan McShane and Gregory O’Leary; final yr, the trio was tapped by First Industrial Realty Belief to lease a 1 million-square-foot distribution heart in Stockton, Calif.
The Central Valley industrial market noticed a emptiness price of 6.7 % within the fourth quarter of 2023, based on a JLL report. Throughout the identical interval, 54.4 % of the 5.8 million-square-foot development pipeline was preleased.
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