A joint venture between a New York developer and a Japanese real estate company has started work on the first phase of Bake Freeway Business Park in Irvine, with nearly $85 million in financial backing coming from JPMorgan Chase.
The industrial project is one of two developments Mitsui Fudosan America has planned with New York-based developer Tishman Speyer in California – the other is a renovation of an existing logistics warehouse in San Francisco.
Both projects are a first for Mitsui Fudosan America in the United States.
Mitsui Fudosan America said it would invest up to $500 million in the projects.
Tishman confirmed construction is underway on a 380,000-square-foot industrial project it is developing with Tokyo-based Mitsui Fudosan America.
A second phase could expand the development to 596,000 square feet, per a Mitsui Fudosan America statement.
“This highly flexible project is designed to meet the needs of customers seeking distribution facilities, warehouses or manufacturing space,” per Tishman—LinkedIn post about the Bake Freeway Business Park groundbreaking.
Mitsui Fudosan America and Tishman signed a joint venture deal in 2022. The Japanese real estate company announced the industrial projects in San Francisco and Irvine’s Great Park in March.
“The U.S. industrial real estate market has been trending favorably, supported by a resilient domestic consumer mindset and dynamic growth in logistics demand driven by the expansion of the e-commerce market,” per a Mitsui Fudosan America statement.
