Rreef of San Francisco and Dallas-based Lincoln Property Co. joint ventured on the purchase and expect first ground to break shortly after New Year's Day 2005. "It's a smaller tenant entrepreneurial market, a market with an excellent labor base, a market in which little new industrial supply has been constructed in last 10 to 20 years," Ashley Powell, Rreef's development director, tells GlobeSt.com.

The complex, all-cash purchase involved 72.3 acres on the northwest corner of Broadway and Dobson roads, known as Broadway 101 Commerce Park. Rreef set up a joint venture with Pacific Realty Advisors Inc. (PRA) of San Diego to purchase the entire site from Motorola and then created a separate limited liability company with Lincoln so they could develop roughly 750,000 sf of flex and industrial product on 50 acres. PRA is keeping 18.5 acres for a two- to three-year hold before initiating a potential multifamily development. The remaining acreage has been set aside for infrastructure.

Rreef-Lincoln's two-phase development plan calls for 11 buildings, designed by Butler Design Group Inc. of Phoenix and to be built by locally based Hardison Downey Construction Inc. The first construction wave--all spec--will bring about 373,000 sf on 25 acres, all set to come on line in summer 2005. The site plan calls for two buildings--54,000 sf and 57,000 sf--to front Broadway; two 49,000-sf general industrial buildings directly to the north; and two distribution buildings, 72,000 sf and 92,000 sf, deeper into the acreage.