The property asset involved in this transaction is a development site located at 15700 & 15800 Bake Parkway in Irvine. This site is intended for the construction of two warehouses, with a total building square footage of 379,168. The joint venture acquired the site for a price of $145.9 million in 2023 and secured an $84.7 million construction loan to facilitate the development.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $84,700,000
• Address: 15700 & 15800 Bake Parkway
• Market: Irvine
• Building Square Footage: 379,168
• Lender: JP Morgan Chase
• Landlord: Andy Burke & Rob Speyer - Tishman Speyer; John B. Kessler - Mitsui Fudosan America

The deal involves a prominent partnership between Tishman Speyer and Mitsui Fudosan America, highlighting the collaborative effort in securing financing from JPMorgan Chase. The joint venture is responding to the high demand for industrial space in the area and plans to develop additional buildings at the site, contributing to their long-term investment strategy.