By Jon Peterson
Denver-based DCT Industrial Trust is planning to invest a total of $15 million for the development of a 75,000 square foot industrial property in San Leandro, according to sources familiar with the project. The site is located at 2001 Williams Drive and covers 3.6 acres of land.
DCT declined to comment on the amount it planned to invest in the project when contacted for this story.
The development of this project was just started. “We have begun the process of scraping off the pavement of the surface parking lot. Our expectation is that the development of this property should be completed by around March of 2018. This depends on how much rain the area gets over the winter,” says David Haugen, a senior vice president with DCT. He works out of the company’s regional office in Emeryville and is responsible for the company’s investment and development efforts in the San Francisco Bay Area.
DCT will be developing the project with 100 percent equity that the company will be providing. This a very typical process for the real estate investment trust. The company had acquired the land for the project earlier this year for $5.435 million, according to public records.
The leasing efforts on this project will be overseen by Cushman & Wakefield. The listing agents are Jeff Starkovich, managing principal, and Michael Karp, managing director. Both work out of the company’s Oakland office.