Mega-logistics complex planned for Stockton area
Phoenix-based Opus West Corp. has acquired 474 acres of land in Stockton, Calif., where it plans to develop a 8.2 million-square-foot industrial property targeting logistics and distribution tenants.
Sitting adjacent to the Burlington Northern Santa Fe rail intermodal terminal and the four-lane north-south California State Route 99, the property was purchased from the partnership of two local real estate developers for an undisclosed sum.
'The Stockton distribution market is actually fairly mature, but most of the existing properties were developed for local and regional distribution, and so are in the 50,000- to 100,000-square-foot range,' Don Little, senior vice president-Northern California for Opus West told Commercial Property News. 'This site, by contrast, is large enough to develop facilities of more than 1 million square feet, which is what the international logistics industry is demanding.'
Opus West plans to officially break ground on the now-christened Opus Logistics Center-Stockton later this year. Plans call for numerous buildings greater than 1 million square feet in size by 2014. The firm plans both build-to-suit and spec properties.
'We've only owned the land for a very short time, but we've already been contacted by international firms that have an interest in facilities of this size,' Little told CPN.
Opus West is one of five wholly owned subsidiaries of the Minneapolis, Minn.-based Opus Group.