CT Realty, PGIM Real Estate begin construction on logistics centre in US
October 05,2020 – CT Realty, a real estate investment and development firm, in a joint venture with PGIM Real Estate has started construction on a new logistics centre, dubbed Agua Mansa Commerce Park, in Southern California, US.
Located in Southern California’s Empire industrial market, the 4.4 million ft² project has undergone significant predevelopment by CT Realty.
CT Realty and PGIM Real Estate have acquired the site for the project from Denver-based Crestmore Development for an undisclosed sum.
PGIM Real Estate, on behalf of institutional investors in its US core plus equity fund, has invested in the 206-acre project.
Agua Mansa Commerce Park will feature three buildings covering more than one million ft² in a cross-dock design with 40ft clear height.
It will also include two buildings with approximately 200,000ft² each and 32ft clearance designed for regional last-mile distribution users.
CT Realty managing partner Carter Ewing said: “Developing a project of this magnitude on a spec basis speaks volumes to the confidence we have in the overall market, the project, and in this fantastic location.
“We are fortunate to have the strongest industrial market in the US right here in Southern California and consistent with our experience in other major markets across the country, we expect to see tremendous tenant interest.
“We are also extremely privileged to have the strong support of the talented real estate team at PGIM Real Estate behind us.”
Site work is set to begin immediately and the project is to be completed by summer 2021.
The new logistics centre represents CT Realty’s third project to be developed in partnership with PGIM Real Estate.
Recently, the joint venture partners have completed a 13-building development programme in Southern California and they are currently breaking ground on the third phase of their three million ft² Palmetto Logistics Park in the greater Atlanta market.