Tishman Speyer and Mitsui Fudosan America (MFA) acquired a 126,000-square-foot, last-mile warehouse and distribution facility at 2225 Jerrold Ave. in San Francisco’s India Basin submarket. The acquisition is the second for Tishman Speyer’s recently launched industrial platform and the first through the Tishman Speyer-Mitsui Fudosan America Logistics Venture.

Tishman Speyer purchased 2225 Jerrold, a 2.88-acre urban infill industrial warehouse located three miles from downtown San Francisco, for $32.75 million in an off-market transaction. The seller wasn’t disclosed.

“We see 2225 Jerrold as a rare opportunity to reposition one of San Francisco’s largest and highest quality infill industrial properties,” said Andy Burke, Tishman Speyer head of industrial. “This is an exciting moment in our partnership with Mitsui Fudosan America as we pursue this and a number of other intriguing opportunities in prime urban locations.”

Constructed in 1982, the facility was purpose-built by its original owner as a last-mile distribution facility. Tishman Speyer and MFA will undertake a series of capital improvements to create a more modern, flexible and efficient facility that will appeal to a wide range of last-mile users.