New York Life Real Estate Investors announces construction on Goodrick Commerce Center in Richmond, California.
NEW YORK, November 16, 2017—New York Life Real Estate Investors announced today that construction of the Goodrick Commerce Center commenced on October 23, 2017. The Goodrick Commerce Center, which will consist of two buildings located in Richmond, CA, will ultimately provide 172,000 square feet of premier industrial space.
The property is being constructed by NYL Investors, a wholly-owned subsidiary of New York Life Insurance Company, and San Francisco-based McMorgan & Co., each of which is registered as an investment adviser under the Investment Advisers Act of 1940. McMorgan is a separate entity, and is not affiliated with NYL Investors.
“Vacancy levels in both the Richmond submarket and entire East Bay area are currently at record lows. We expect the market’s response to these new top-tier industrial buildings to be very positive,” said Michael Hamilton, director, New York Life Real Estate Investors. “We are fortunate to work with such a qualified team of representatives in getting this project out of the ground.”
Construction of the property is being coordinated by Overaa Construction, a 100+ year old company with headquarters in Richmond. Development Managers are Tom Schaal and Mark Heavey of Schaal Realty Advisors. The project’s leasing efforts are being managed by John Troughton and Eric Rehn of Kennedy Wilson.
Development specifications for the property’s 113,000 square foot warehouse-distribution building include 32’ clear-height, 54’ x 60’ column spacing and 23 dock-high doors. The property’s smaller 59,000 square foot building is easily divisible and will provide 24’ clear height and 10 grade doors. Both buildings will be equipped with an ESFR fire protection system.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $52.1**** billion in assets under management as of September 30, 2017, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/12/17. For methodology, please see http://fortune.com/fortune500/
**Individual independent rating agency commentary as of 8/1/17.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
**** AUM includes assets under administration.
New York Life Insurance Company