Macy’s Signs 272 KSF Central Valley Industrial Lease
Macy’s has signed a 272,000-square-foot long-term lease at a 456,465-square-foot facility in Lathrop, Calif. Colliers negotiated on behalf of the landlord, Phelan Development, while Cushman & Wakefield represented the tenant.
The newly completed logistics facility is part of the second phase of Phelan Lathrop Gateway industrial park, along with a 390,000-square-foot building. The first phase comprises two warehouses totaling some 990,000 square feet. Plans call for the addition of six more properties, which will bring the campus to roughly 3 million square feet.
Macy’s new home
The front-load distribution center dubbed Building 3 features 36-foot clear heights, 53 dock-high loading doors, two drive-in doors and 69 trailer stalls, as well as 292 parking spaces. The property also features 195-foot truck courts and 3,408 square feet of speculative office space.
Located at 3400 W. Yosemite Ave., the facility provides easy access to Interstate 5 and Highway 99. Port of Stockton is 15 miles away, while Oakland International Airport is some 56 miles southwest. Downtown San Jose is within 65 miles and downtown San Francisco is 72.5 miles west.
Cushman & Wakefield Executive Managing Directors Jay Hagglund and Tyson Vallenari worked on behalf of the tenant. Colliers’ brokerage team that represented the owner included Executive Managing Director Michael Goldstein together with Vice Chairs Ryan McShane and Gregory O’Leary; last year, the trio was tapped by First Industrial Realty Trust to lease a 1 million-square-foot distribution center in Stockton, Calif.
The Central Valley industrial market saw a vacancy rate of 6.7 percent in the fourth quarter of 2023, according to a JLL report. During the same interval, 54.4 percent of the 5.8 million-square-foot construction pipeline was preleased.
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