Res Network News:On March 5, it was reported that Japanese real estate giant Mitsui Fudosan (Mitsui Fudosan) entered the U.S. warehousing industry for the first time, announcing that it would invest in two logistics projects in California through its existing partnership with American developer Tishman Speyer.
Mitsui Fudosan said Monday that it would work with Tishman Speyer to upgrade a facility in San Francisco. It is reported that the project is an 8,200-square-meter warehouse located at 2225 Gerald Avenue in San Francisco, and Tishman Speyer purchased it from the local private art school Art University College for $32.8 million in July last year. The partners have not yet provided detailed plans for the single-story facility.
In addition, the two sides agreed to begin construction of a 5530,000 square meters (59..)60,000 square feet), tentatively named Greatest Park Parcel 1, the complex is scheduled for completion in 2027 and will consist of four single-story buildings.
The two projects are understood to be part of a $500 million strategy announced by Mitsui Fudosan and Tishman Speyer in November 2022 to acquire, develop and renovate industrial properties in major urban centers in the United States. The partners have jointly acquired both projects in the last 8 months.