T
ishman Speyer has secured an $84.7 million construction loan from JPMorgan Chase to develop two warehouses totaling 379,168 square feet at Irvine's Bake Freeway Business Park. The New York-based landlord partnered with Mitsui Fudosan America on this project, marking their debut as industrial developers in Southern California.

    The joint venture has selected KPRS, an Orange County construction firm, as the general contractor for the first phase of the project. CBRE brokers Greg Grant and Val Achtemeier facilitated the loan. The two buildings at 15700 and 15800 Bake Parkway are expected to be completed by next summer.

    Following this development, Tishman Speyer and Mitsui Fudosan will focus on building two smaller industrial facilities on the eastern half of the 31.8-acre lot. This project is part of a larger transformation of the former El Toro Marine Corps Air Station into Orange County Great Park.

    Tishman Speyer teamed up with Mitsui Fudosan in 2022 to pursue industrial development opportunities nationwide, and this Irvine deal represents their largest acquisition so far. The joint venture paid FivePoint Holdings $145.9 million for the site last year, which came with existing development rights.

    Demand for warehouse space in Southern California currently outpaces supply, according to Andy Burke, Tishman Speyer's industrial managing director. "Bake Freeway Business Park will bring brand new industrial space to a location that has been historically underserved," he stated. The two buildings will feature 25 raised loading docks and ample parking space for future tenants, including logistics companies or manufacturers.