McClellan Park Investors Lease Another 1 Mil SF

SACRAMENTO, CA-The redevelopers of the McClellan Air Force Base have a lot to be thankful for this holiday season. In the past few weeks, the private development partnership has not only taken official ownership of the 3,000-acre air base from Sacramento County, but it has announced another one million sf of leasing activity this fall for a total of more than three million sf since marketing began in February 2000.

The partnership includes the $2.1 billion Morgan Stanley Real Estate Fund III, Stuart Lichter of the Industrial Realty Group and Larry Kelley of Kelley and Associates. The new leases include such prominent tenants as the California Division of Forestry, which is leasing 68,000 square feet as an aircraft maintenance facility for its fleet of 80 aerial tankers. Another significant tenant is the US Department of the Interior Forestry Service, which is leasing 174,000 square feet, including construction of a new 40,000 square foot training facility.

“In all, the new leases will represent about 2,000 new jobs for McClellan Park,” says Kelley, who doubles as president of the ownership group, McClellan Park LLC. “That brings the total of new jobs created after the base closure to over 7,000. Considering that the Air Force left only a few months ago, this represents a tremendous accomplishment for everyone involved.”