Co-developers Conner Commercial Real Estate and Dayton Street Partners, along with their partner Heitman Affiliates, are developing a three-building, 1.1 million square foot speculative industrial development in Stockton, Calif. The site was completed. The facility area ranges from 121,680 square meters to 833,280 square meters. feet.
The Central Industrial Center consists of three industrial buildings totaling approximately 1.1 million square feet. Image courtesy of Conor Commercial Real Estate
The partners announced the development of the Central Industrial Center in October 2021. Conner had acquired the 56-acre landfill site from Ingredion in April 2021.
Located at 1021 Industrial Drive, the property is near Interstate 5 and Highway 99. The facility is two miles north of Stockton Metropolitan Airport, a major cargo hub for several shipping companies, and adjacent to Union Pacific and BNSF depots.
McShane Construction Co. and the Ware Malcomb design-build team provided construction and architectural services. Leasing operations will be handled by CBRE’s Thomas Davis, Robert Taylor, Daniel Davis and Ryan Davis.
See the Central Industrial Center up close
All three buildings feature skylights, ESFR sprinklers, high-capacity natural gas and electrical infrastructure, 60-foot speed bays, and suitable office space. The facility is designed as a multi-tenant asset with a minimum configuration of 60,000 square feet.
Specifications include:
Building 1: 135,200 square feet, front-loaded, 32-foot clear height, 50-foot x 52-foot column spacing, 28 dock doors, 2 drive-in doors, 76 parking spaces, 24 trailer stalls. Building 2: 121,680 square feet, front-loaded, 32-foot clear height, 50-foot x 52-foot column spacing, 25 dock doors, 2 drive-in doors, 76 parking spaces, 26 trailer stalls. Building 3: 833,280 square feet, cross-dock height 40 feet, column spacing 50 feet by 60 feet, 141 dock doors, 4 drive-in doors, 310 parking spaces, 198 trailer stalls.
San Joaquin County Submarkets
The only industrial developments under construction in San Joaquin County in the second quarter of 2024 are a central industrial center and one build-to-suit property totaling 2.6 million square feet, according to Colliers. Deliveries reached 1.5 million square feet in the first six months of this year.
The overall vacancy rate in San Joaquin County rose 10 basis points from the same quarter to 7.4%, Colliers reported. However, in the Stockton submarket, interest rates fell 10 basis points to 9.1 percent in the second quarter. Tenant concessions are increasing year on year as more landlords are “getting creative to attract deals.”
In Stockton, one notable transaction was the acquisition of Stockton Commerce Center, a fully leased 655,976 square foot warehouse and distribution facility. The property changed hands for nearly $72 million.
