Tishman Speyer and Mitsui Fudosan America, Inc. have recently acquired a 31.9-acre development site in Irvine’s Great Park Neighborhoods community. The fully-entitled site will be developed with four industrial buildings totaling approximately 600,000 square feet, ranging from 73,000 to 203,000 square feet each. These buildings are designed to be highly flexible and easily divisible for various users.
The South Orange County industrial market has not seen any new developments since the late 1990s and most of the existing inventory is now between 30 and 40 years old. Construction on the first phase of this project is expected to begin in the fourth quarter of2024.
According to Tishman Speyer managing director Andy Burke,”Great Park Neighborhoods exemplifies our vision for ground-up development through our partnership with Mitsui Fudosan America.” This joint venture aims to bring modern industrial spaces that meet current market demands without compromising flexibility or functionality.
