McClellan Park continued to see steady growth in its industrial portfolio despite challenging economic conditions.
New Transactions in 2021
The McClellan Park leasing team completed 18 new transactions this year, totaling 416,401 square feet. Nearly half of this square footage was leased to existing tenants who needed to expand within the business campus.
Siemens leased an additional 85,785 square feet to allow for the expansion of their existing 63,395 square foot repair and maintenance facility.
Villara Corporation, a company offering a suite of heating and cooling products and services, entered into two new lease agreements totaling 84,000 square feet. The additional square footage will allow for the company to expand its plumbing division and launch new products.
Also notable was the expansion of California Department of Transportation (Caltrans) within McClellan Park, which leased an additional 42,000 square feet.
In 2021, McClellan Park successfully renewed 51 leases, amounting to 617,190 square feet of leased space. An additional 111,728 square feet are still pending commencement.
“It’s always encouraging when so many of our tenants renew their leases and expand within the campus, but even more so during a pandemic that has left so few industries unaffected,” said Ken Giannotti, McClellan Park’s Senior VP of Leasing & Marketing. “McClellan is continuously referred to as a great place to do business, and this year’s performance reflects that.”
Prospects & Projects in 2022
McClellan Park currently has 30 new transactions in progress, totaling 786,180 square feet of industrial and office space. These transactions, in combination with those completed in 2021, will result in an industrial occupancy nearing 98%.
Not included in that total is McClellan Logistics Center II, a project that will include two Class A warehouse distribution buildings of 170,000 square feet and 140,000 square feet upon their completion in Q2 and Q3 2022, respectively. The project represents the start of McClellan Park’s expansion into the west side of the campus, which has potential for more than 4 million square feet of new industrial space.
McClellan Park is located less than 15 minutes from Downtown Sacramento and the Sacramento International Airport. Learn more about the business campus by visiting www.mcclellanpark.com.