- Wednesday, May 22, 2019
- San Jose, California
News Release: Seefried Properties and Clarion Partners Launch New Warehouse Project in San Jose
Seefried Industrial Properties and Clarion Partners are pleased to announce their purchase of the 10.7-acre site at 970 McLaughlin Avenue, San Jose, where they plan to build a 223,827 square foot Class A logistics/advanced manufacturing facility. The project is scheduled for completion first-quarter 2020.
Seefried and Clarion purchased the property from Jennings Holdings LLC, a subsidiary of Danaher Corporation, on April 26, 2019.
Architectural firm HPA, Inc. will design the new best-in-class warehouse and advanced manufacturing structure. Among other features, the design will include a 32-foot height clearance, 4000 amps of power that will be expandable to meet tenant requirements, and an ESFR fire protection system.
"Location is a key advantage for the property. The site offers immediate freeway access to Highways 280, 680, and 101, and the San Jose International Airport is close by," said Ed Hofer, Executive Vice President of Colliers International, who handled the deal with colleague Emerson Hofer on behalf of Seefried. "The quality of the space in combination with the location will appeal to an array of occupiers--from food users to tech companies to last-mile e-commerce firms."
"An infill project of this scale is rare to find; we were very excited to seize the opportunity," said Seefried Industrial Properties Senior Vice President Robert Guerena. "The limited supply of Class A projects throughout Silicon Valley makes for a very compelling investment." Colliers puts the current vacancy rate for Silicon Valley warehouse product at 1.7%.
About Seefried Industrial Properties:
Founded in 1984 by Ferdinand Seefried, Seefried Properties specializes in the development, leasing and management of industrial real estate in core markets across the U.S. Seefried leases and manages approximately 35 million square feet for its institutional and European clients and has developed more than 190 million square feet of space valued in excess of $13 billion across 30+ markets throughout the country. Based in Atlanta, the firm has regional offices in Dallas, Chicago, Los Angeles and Phoenix. For more information, please visit www.seefriedproperties.com.
About Clarion Partners, LLC
Clarion Partners, LLC is a real estate investment firm specializing in investments in properties. The firm seeks to acquire office, retail, industrial, multifamily residential, and hotel properties including the existing core assets and build-to-core projects. It invests with a value-add strategy in university-related real estate, select university markets, and student housing through the acquisition and development of on-and-off campus projects. It seeks to invest throughout the United States, United Kingdom. Middle East, Eurozone, and Mexico. The firm offers both commingled fund and separate account formats to institutional and individual real estate investors. It acquires 100 percent ownership interests, forms joint venture partnerships, provides equity to developers, and purchases mezzanine debt. Clarion Partners, LLC was founded in 1982 and is based in New York, New York with additional offices across North America, Europe, and South America. Clarion Partners, LLC operates as a subsidiary of Lightyear Capital LLC. As of April 13, 2016, Clarion Partners, LLC operates as a subsidiary of Legg Mason Inc.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.