Located at Tesla Way and Lake Forest Drive, the new owner plans to build a 14-building project with the structures ranging in size from 3,300-5,200 sf. Each building will be built half office space and half flex-tech for R&D purposes. Each will also have a loading door to accommodate potential industrial users.
Shaw expects to break ground on the project next month, with completion scheduled for October 2001.
This new project is the second phase of a master plan that began with the 16-building Goddard Business Center located two lots away from this site. Ten of the 16 buildings, ranging in size from 3,000-11,000 sf, in the Goddard project were pre-sold prior to completion of construction, says Mike Hartel, SVP of Colliers Seeley's Irvine office, the broker representing Shaw on both projects. Buildings in the Goddard project sold on average for $145 per sf. In the new phase the buildings will be sold for an average of $175 per sf, he says.
"With the Federal Reserve lowering interest rates, small users with an SBA loan can carry the [purchase money] loan for a lower payment than the market lease rate," Hartel notes.
Stan Mullin and Jim Cunningham of Grubb & Ellis' Newport Beach office represented the seller in the transaction.
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