Los Angeles-based Lowe recently acquired 50 acres from Northrop Grumman that includes the land to be used for industrial development as well as an existing 375,000-sf office building. The 50 acres is in addition to 40 acres Lowe previously acquired at the site, according to Craig Furniss, a senior vice president of Lowe.
Lowe and Shamrock will be partners in the development of four new Class A industrial buildings totaling 600,000 sf at The Exchange, which is along the Century (105) Freeway about four miles from Los Angeles International Airport.
Lowe expects to begin construction of the four-building, 600,000-sf industrial campus by year-end and to complete the first buildings in the fourth quarter of 2003. The industrial buildings will be part of a 1.8 million-sf mixed-use project that will combine retail, industrial and manufacturing space. Total costs for construction of the 1.8 million sf are estimated at $150 million.
The developers are targeting logistics and distribution businesses as potential tenants in the industrial portion of the project, according to Tom Wulf, a Lowe vice president. The existing 375,000-sf office building is being marketed for lease or for sale. The Exchange includes a 170,000-sf Lowe's Home Improvement Warehouse (no relation to Lowe Enterprises) currently under construction and a 120,000-sf community-serving retail and restaurant center in planning.
Jeff Kernochan of Fischer & Co. represented Lowe Enterprises in its land acquisition from Northrop. Kernochan, together with Dave Drummond and Garrison Parcells of Colliers Seeley International, represents Lowe in the marketing of the industrial buildings, while Bill Bloodgood and John Ayoob of CB Richard Ellis have the listing for the office building.
Lowe Enterprises is a development, investment and management firm that manages in excess of $3 billion in real estate assets on behalf of pension fund clients.
The Genesis LA Real Estate Fund, managed by Shamrock Capital Advisors, provides mezzanine debt and preferred equity to development projects in low to moderate-income neighborhoods in Los Angeles County. Shamrock Capital is an affiliate of Burbank-based Shamrock Holdings, the investment arm of the Roy E. Disney family.
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