HFF announces $16.08M joint venture equity for industrial development in northern California
SAN FRANCISCO, CA – October 12, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces $16.08 million in joint venture equity for the development of Pacific Distribution Center, a 712,130-square-foot, Class A industrial development in the northern California community of Patterson.
The HFF team worked on behalf of the developer, Keystone Corporation, to arrange the joint venture with WPT Capital Advisors.
The $44.7 million state-of-the-art cross-dock project will feature 36-foot clear heights, 112 dock-high loading doors, 257 truck/trailer stalls, 360 auto stalls, 185-foot truck courts and office finish to suit. Situated on a 34.56-acre land site at 400 Park Center Drive, Pacific Distribution Center is in the Central Valley industrial market, one of the strongest distribution and logistical hubs in California. The property has immediate access to Interstate 5 and near Interstates 205 and 580 in addition to Highways 130 and 99. The Port of Oakland and the BNSF/Union Pacific Intermodal Facility are within 70 miles of the property, and four international airports – San Jose International Airport, San Francisco International Airport, Oakland International Airport and Sacramento International Airport – are within 90 miles.
The HFF investment sales team included managing directors Ryan Martin and Anthony J. Brent together with senior managing director Scott Pertel.
“The joint venture of the Pacific Distribution Center project comes at a time of strong leasing velocity and an extremely limited supply of large blocks of institutional-quality space,” Martin said. “This Class A industrial development will be in one of the preeminent master-planned parks, Keystone Pacific Business Park, which provides users faster access to the ports than virtually all the other central valley submarkets and is in part why Amazon, Restoration Hardware, Grainger, CVS and Kohl’s among others have chosen this location.”
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About Keystone Corporation
Keystone Corporation is a Raleigh, North Carolina-based real estate development firm founded in 1979. Keystone utilizes the extensive acquisition, development, leasing and management experience of its principals and team to opportunistically invest in a vast range of commercial and residential properties across the United States and internationally. J Patrick Gavaghan serves as CEO and president of Keystone.
With over 38 years of experience, Keystone has developed projects in seven states and five countries. Keystone Corporation has built over 6 million square feet of office space, 7,000 single family lots, 1,500 Class A apartments, 296 townhomes, and 72 condominiums. Visit keystonecorporation.com for more information.
About WPT Capital Advisors
WPT Capital Advisors is a fully integrated real estate investment management firm based in Minneapolis, Minnesota. WPT manages both publicly traded and private investment vehicles with a focus on industrial properties located in major distribution and supply-chain markets throughout the United States. For more information, visit wptcapital.com.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.