Polsinelli recently represented CA Industrial, the dedicated industrial and logistics arm of CA Ventures, on the closing of five major transactions totaling $272 million in projected development costs. CA Industrial plans to develop more than 670,000 square feet of industrial space across compelling West Coast industrial and logistics markets, marking their entrance into California and Washington. Spearheading the group’s West Coast expansion is CA Industrial Executive Vice President and West Coast Market Officer, William Lu.
CA Industrial will finance these development costs in part with capital from Centris Industrial, the external REIT for CA Industrial. Polsinelli was also counsel to Centris Industrial on their initial $350 Million equity investment ahead of their launch in February of this year.
“These transactions are a critical component of CA Industrial’s growth strategy as we move into California and Washington,” said Michael Podboy, President of CA Industrial and CEO of Centris Industrial. “We look forward to further expansion into these important markets, as well as our continued expansion of our West Coast portfolio.”
The assets for the five California and Washington developments include:
- Union City, California (58,991 square feet)
In partnership with DWS, CA Industrial is repositioning and stabilizing a roughly 60,000-square-foot building with situated on a 9-acre site at 1551 Atlantic Street in Union City, CA.
- Watsonville, California (175,500 square feet)
CA Industrial and Four Stones Real Estate, in partnership with American Realty Advisors (ARA), will develop a 175,500-square-foot speculative facility in the Central Coast of California – a relatively underserved industrial market lacking Class A industrial space.
- Richmond, California (202,400 square feet)
CA Industrial has partnered with a leading global asset manager to develop a 200,000-square-foot speculative facility in Richmond of the greater East Bay market.
- La Puente, California (132,300 square feet)
CA Industrial and Realterm will develop a 132,300-square-foot Class A warehouse in the Los Angeles Basin, which will offer immediate access to both I-10 and I-605, providing excellent east-west and north-south access.
- Covington, Washington (97,000 square feet)
In partnership with Transwestern, CA Industrial plans to develop a 97,000-square-foot Class A warehouse on approximately 20 acres in the greater Seattle area.
The Polsinelli team was led by Shareholders Eric Greenfield, Keith Londo, Patrick Elder, Daniel F. Valsamopoulos, Amber Munday and John Acierno and included Associates, Jon Osmundson, Ryan Sullivan, and Nataly Caras.
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