Tishman, Mitsui Secure $85M Loan for Irvine Industrial

According to The Real Deal, Tishman Speyer and Mitsui Fudosan secured an $84.7M construction loan from JPMorgan Chase (JPM) to develop two warehouses in Irvine, CA.

Sneak Peak

The first phase of the Bake Freeway Business Park project involves building two state-of-the-art warehouses at 15700 and 15800 Bake Parkway. The facilities will feature:

• 25 raised loading docks and two ground-level docks
• Parking for 473 vehicles
• High-visibility signage opportunities from the adjacent 5 Freeway

The development is part of the ongoing transformation of the former El Toro Marine Corps Air Station into Orange County Great Park.

The venture’s plans for the site include two additional buildings on the eastern half of the property, further enhancing its industrial footprint.

Strategic Partnership

Tishman Speyer partnered with Mitsui Fudosan America in 2022 to pursue industrial projects nationwide, with this Irvine project marking their largest acquisition to date. 

The partnership previously acquired:

• A last-mile warehouse in San Francisco for $32.8M
• An industrial facility in Peabody, MA, for $77M

According to Andy Burke, Tishman Speyer’s industrial managing director, Irvine’s demand for warehouse space exceeds supply, and the Bake Freeway Business Park will address this gap with modern, accessible facilities designed for logistics companies and manufacturers.

Market Outlook

The Irvine project reflects the region’s growing need for industrial infrastructure amid Southern California’s robust economic activity. With its prime location near the 5 Freeway and pre-approved development rights, the project is well-positioned for success.

Future phases will expand the site’s capacity and further establish Tishman Speyer and Mitsui Fudosan as significant players in the industrial real estate market.