Interest from Southern California firm opens up new properties for development southeast of current Industrial Park
VISALIA – The Visalia Industrial Park is going south – as in a new plot of land south of Goshen Avenue is planned for development by a Southern California firm known for large projects.
The city of Visalia’s Site Plan Review for May 25 included an application to develop 2 million square feet on a large, 113-acre property of mostly vacant land on Crowley Avenue between Kelsey Street and Road 88, Two concrete tilt-up buildings – one 1.3 million sf and the other 750,000 square feet – would go up if approved. No tenants have been announced.
The site is south and east of much of the recent expansion in the industrial area. Until now, most of those big, 1 million square foot logistics warehouses have been built north of Goshen Avenue and most dramatically north of Riggin Avenue.
The application was signed by Derek Meddings, an analyst for Greenlaw Partners, an Orange County based real estate development and investment management company. Greenlaw Partners develops large real estate projects primarily in Southern California where space remains extremely tight and prices are said to be going up. That provides an opportunity for Central Valley distribution sites like Visalia
Formed in March 2003, Greenlaw has developed more than $7 billion in properties. The company’s focus is on acquiring and developing property in joint ventures with a select group of institutional and individual investors. The company has extensive experience in a vast array of asset classes including: office, industrial, retail, residential, land entitlement and hospitality projects. The company has handled acquisitions and dispositions in excess of $4 billion.
Visalia developer Butch Oldfield is now planning a new 140,000-square foot metal warehouse south of Goshen Avenue and west of Clancy Street, according to another Site Plan Review filing. Oldfield recently permitted two other 100,000-square foot buildings that would be located in Oldfield’s American Industrial Park where he has been developing mostly smaller lot projects which also remain in good demand.
Also on last week’s Site Plan Review agenda was Phoenix-based Seefried Industries, who is constructing the new Ace Hardware distribution center. Now back for a third time before city planners, Seefried is clarifying issues with its plan to build a second 535,000-square foot ‘spec building’ along the north side of Goshen Avenue between Road 76 (American) and Plaza. Finalizing of this permitting process could allow the developer to break ground later this year.
Despite the drop on Wall Street this month, clothing maker VF Corp, who employs around 1,200 at Plaza and Riggin, reported a good quarter this past week. VF Corporation reported fourth-quarter fiscal 2021-22 results wherein the bottom lines were within estimates while the top line surpassed expectations. Both metrics grew year over year. Revenue was up 9% to $2.8 billion. The results, according to the company, were gained from momentum building across the company’s brands. Also, management provided an upbeat fiscal 2023 view according to Zacks, the national stock tracking and ranking firm.
United Parcel Service’s package sorting hub in Visalia will be getting busier based on company plans to expand its parking area at the big Plaza Drive facility. According to a Site Plan Review filing, the company will boost its passenger car spaces and truck and trailer parking. The plan filed with the city would add about 179 car parking spaces bringing the total to around 580 and add about 150 truck/trailer spaces to the 270 already there.
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