SHAFTER, CA / ACCESSWIRE / May 11, 2023 / Logistics and mega-distribution center developer Wonderful Real Estate (WRE) has commenced construction on its latest 1 million square foot speculative development located at 5401 Express Avenue in the Wonderful Industrial Park (WIP).
5104 Express Avenue will be the fifth speculative development delivered by WRE over the last five years. The building will encompass nearly 1.09 million square feet on a 74-acre lot that will allow for ample parking with 455 auto spaces and 939 trailer stalls. The concrete tilt-up building will have a 40' clear-height and 216-dock high doors and 2 grade-level doors. The building will be ideal for distribution and manufacturing operations. Delivery is slated for Q2 2024.
Demonstrating continued success with attracting tenants to its speculative developments, in 2022 WIP developed and leased over 1.3 million square feet, including a 1 million-square foot spec project that was leased by a Fortune 500 food manufacturer and a 309,000 square foot building leased by existing tenant GAF, the nation's largest manufacturer of roofing and waterproofing products. The park's currently occupied footprint is nearly 10 million square feet with occupants including Amazon, Ross, WalMart, Target, American Tire Distributors, Essendant (a division of Staples), FedEx, Hilman, and DMSI. The park's current acreage allows for over 25 million square feet at full buildout.
WRE is also in the final stages of design on a 415,000-square-foot speculative building in the park that will break ground in summer 2023 with delivery expected in the first half of 2024.
Despite tightening market conditions, WRE is well positioned to pace and build modern logistics facilities as demand dictates, says Jason Gremillion, SVP of Development. "One reason is that we utilize our in-house discretionary capital with no outside construction debt or partners to fund projects. This allows us to streamline our development process, from concept to finish, and deliver high-quality industrial buildings on time and as promised. We also maintain a conservative development schedule of 1-1.5 million square feet annually that has resulted in the park being 100% leased on a consistent basis."
Located in Shafter, California, WIP is the geographical nexus for distribution to 11 Western states. The park is thoughtfully designed to create an extensive buffer between industrial and residential areas, directing traffic away from neighborhoods and schools, as well as offering amenities to benefit our local communities.
In 2022, WIP opened its Wonderful Career Center, a 40,000 square foot center featuring state-of-the-art classrooms, offices, and lab facilities for use by WIP tenants, local schools, and Wonderful Company employees, providing valuable training and skills needed for upward economic mobility.
Gremillion states, "It is our mission to center Wonderful Industrial Park as a hub for the Central Valley that fosters an economic future and quality of life that is cleaner and more sustainable for generations to come".
About Wonderful Industrial Park
WIP is a fully entitled 1,625-acre, world-class distribution center located approximately 100 miles north of Los Angeles. The park is a rail-served industrial development, entitled for 26 million square feet, with nearly 10 million square feet completed and under operation to date. WIP provides tenants with access to a workforce population of over 700,000 residents within a 30-minute drive from the park.
WIP's central location in California gives companies access to a robust transportation infrastructure. The property is minutes from Hwy-99, I-5 and Hwy-58 and offers convenient port access to the Port of Los Angeles, the Port of Long Beach and the Port of Oakland. The industrial park's location allows access to 14 percent of the U.S. population within 300 miles and same-day delivery to 30 million Californians. It has a FedEx Ground hub onsite and is near a UPS ground hub in Bakersfield, CA with Meadows Field Airport located only seven miles away.
The park features an onsite rail yard with more than 17,000 feet of track able to accommodate unit trains with direct access to Burlington Northern Santa Fe (BNSF) Railway's mainline. WIP is equipped with an in-place high speed fiber optics network with 10 gigabytes in place with capacity of 40 gigabytes.
For more information visit: https://www.wonderfulindustrialpark.com/
About Wonderful Real Estate
Wonderful Real Estate is a professional real estate development and property management company owned by The Wonderful Company that develops, manages and invests in a diversified portfolio of real estate, with a particular focus on office and industrial properties. Leveraging over 30 years of experience in commercial real estate, Wonderful and its affiliates currently have over 10 million square feet of real estate holdings, consisting of owner-occupied industrial and commercial real estate for its operating businesses and approximately 7 million square feet of actively managed office and industrial properties occupied by third parties located mainly in Southern and Central California.
Wonderful Real Estate and its affiliates have invested almost $2 billion since 2008 in commercial real estate development, facility improvements, processing equipment and real estate acquisitions. Wonderful and its affiliates are also currently developing three business parks totaling over 1,865 acres for office and industrial use in California's Central Valley, several parcels of which have already been sold or leased to Fortune 500 companies and other high-quality anchor tenants.
Media Contacts:
Gary Marsh 415.999.3793 or gary@marshmarketing.com and
Erin Poulson Morris 310.966.5748 or erin.poulson.morris@wonderful.com
SOURCE: Wonderful Real Estate
View source version on accesswire.com:https://www.accesswire.com/754027/Wonderful-Real-Estate-Breaks-Ground-on-11-Million-Square-Foot-Development-at-Wonderful-Industrial-Park
