In the marvelous 1,600-acre industrial park in Shafter, California, Magnificent real estate development continues to lease facilities virtually as soon as it builds them, and the newly completed speculative property at 3800 Fanucchi Way is no exception. Wonderful recently signed a contract with a US Fortune 500 food manufacturer to occupy the entire 1 million square foot warehouse in central California.
Wonderful broke ground on 3800 Fanucchi in Q1 2021 and delivered the project in Q2 2022. building development,” said Erin Poulson Morris, Senior Director of Business Development and Marketing at Wonderful Real Estate Development. commercial real estate director. “As this is our third million square foot specification in the last three years, we have been on the radar as a great place to find real estate of this size.”
WIP is widely considered the premier logistics and distribution park in the western United States and currently comprises over 10 million square feet of completed facilities. The park is located near Interstate 5 and has both direct rail access and an on-site FedEx Ground hub. 3800 Fanucchi occupies a 70-acre site within WIP and offers coveted amenities found in state-of-the-art industrial space, including 40 feet of headroom, 215 dock doors, an ESFR sprinkler system, and a parking expandable to 1,000 for trailers and additional parking expandable to 1,000 for employees.
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The new tenant at 3800 Fanucchi will count Amazon among its many high profile neighbors at WIP. The e-commerce giant signed a 1 million square foot lease with Wonderful in March 2021 to occupy the entire building at 4500 Express Ave. WIP also houses Ross Storeswhich occupies more than 3 million square feet in the park, as well as Targetwhich has 2 million square feet. walmart is also a tenant at WIP, where it occupies 630,000 square feet.
“Factors driving demand at Wonderful Industrial Park are that our park is fully entitled to approximately 25 million square feet, which is virtually impossible to find anywhere else in California, especially near the Port of Los Angeles/Long Beach” , Morris said. “This allows us to be very flexible in our developments and our land can accommodate very large buildings while still providing ample yard space for trailer/container storage and employee parking.”
Located near Bakersfield in Kern County, approximately 100 miles north of Los Angeles and the Inland Empire, WIP is positioned to provide Class A accommodations to users who are unable to find suitable space more South. According to a report by Necklaces. The vacancy rate was a staggeringly low 0.5% and the average asking rent reached a record high of 1.54 NNN, marking a 21% increase quarter over quarter and a 79% increase in one year to the next.
“Lack of availability and extreme pricing in industrial markets in the Inland Empire and Southern California are also causing tenants to look to secondary markets for space,” Morris noted. “And when they find a full-service logistics park like Wonderful Industrial Park, they really start to see the benefits of being outside of the main crowded markets. At WIP, you can find not only the building, but also a sophisticated manager that meets labor, development, and transportation needs under one roof. »
Kern County, in general, has become a true logistics hub, with advanced manufacturing growing over the past 10 years as host to major corporations including FritoLay, Bolthouse Farms, American Tire Distributors , IKEA and Famous Footwear. settled in the region. And Kern County offers industrial users additional benefits. “Our market has a very large labor pool and many of our tenants experience low turnover and are able to ramp up quickly during seasonal periods,” Morris added.
At WIP, Wonderful will continue to add new industrial offerings to the Central California industrial market. The company plans to complete construction of a 300,000 square foot building by the end of 2022 and will develop a 415,000 square foot facility and an additional 1 million square foot building by the end of 2023 .