Another 2.5 million is expected to come under the county's control this July, giving the park a total of 8.5 million sf. Just prior to that, McClellan Business Park LLC, a group of real estate development companies that are leasing up the buildings for the county, expects to complete its purchase of the property from the county for an as yet undisclosed price.
Headquartered in Sacramento, McClellan Business Park LLC includes the Torrance, CA-based Stuart Lichter Industrial Realty Group and the Morgan Stanley Real Estate Fund. Larry Kelly heads up operations for the development group.
"We have completed our negotiations and right now we are looking to close the deal in about 60 days," Kelly tells GlobeSt. "Everything here will be available for lease and we have quite a variety of space and several different types of buildings to offer."
In addition to the more than 2.5 million sf already leased, Kelly says developers are actively negotiating with companies who are expected to lease another 1 million sf at the park. He estimates that more than 4,000 jobs will be located at the park and in the next five years that number could be as high as 25,000.
"We have air craft space, R & D space, wet lab space, office space, 3 million sf of warehouse space, manufacturing space, dormitories, recreation facilities, a dining hall restaurants and hotel space," Kelly says adding that he believes it will only take the park a short time to become fully leased. "Because we are centrally located and close to the capitol and downtown, the park has a lot to offer and a large variety of space for those seeking to lease space in the Sacramento area."
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