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Tishman Speyer, MFA Launch First Phase of Irvine Logistics Park
Tishman Speyer and Mitsui Fudosan America (MFA) have launched construction on the 380,000-square-foot first phase of Bake Freeway Business Park, their ground-up industrial development in Irvine within the Great Park Neighborhoods mixed-use community. To help finance the first two buildings of Bake Freeway, Tishman Speyer and MFA secured an $84.75-million construction loan from JPMorgan Chase, arranged by CBRE vice chair Val Achtemeier and SVP Greg Grant.
KPRS is serving as the general contractor for the initial phase, with completion targeted for the third quarter of 2025. At full buildout, Bake Freeway will encompass 600,000 square feet of Class A industrial space with direct access to the I-5 freeway and greater Orange County.
“Bake Freeway Business Park will bring brand new industrial space to a location that has been historically underserved with new, Class A product,” said Tishman Speyer managing director Andy Burke.
The logistics joint venture acquired the fully entitled, 31.9-acre development site in December 2023 for a reported $146 million.
- ◦Development
- ◦Financing
