Construction has officially begun on the first phase of Bake Freeway Business Park, a new industrial development in Irvine’s Great Park Neighborhoods community. The project is a joint venture between Tishman Speyer and Mitsui Fudosan America (MFA), who have secured an $84.75-million construction loan from JPMorgan Chase to finance the initial two buildings.
KPRS will serve as the general contractor for this phase, with an expected completion date of third quarter 2025. Once fully built out, Bake Freeway will offer 600,000 square feet of Class A industrial space with convenient access to both the I-5 freeway and Orange County.
According to Tishman Speyer managing director Andy Burke, this development will provide much-needed modern industrial space in an area that has previously lacked it. The joint venture acquired the fully entitled 31.9-acre site for $146 million in December 2023.
