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Land Grab Sets Stage for Industrial Projects

MURRIETA, CA-A Newport Beach developer acquires 15.6 acres with plans for a significant development project. On tap are 20 freestanding buildings totaling 243,000 sf.

By Daniel D. Williams | Updated on February 15, 2005

MURRIETA, CA-Big Box developments have hogged the headlines in the Inland Empire of late, but a group of Newport Beach developers have noticed an interesting niche to fill in the area. With its recent 15.6-acre land grab, Jefferson Business Center LLC will commence with a project that totals 20 freestanding buildings totaling 243,000 sf and has an estimated cost of $32 million. The LLC acquired the raw land from Screenivassa Nakka & Rastogi Living Trust for $5 million. The property is located between Fig and Elm streets, near the Interstate 15, and, according to Chris Migliori, executive vice president in the Anaheim office of GVA DAUM, the ensuing project will be one of the largest small building industrial complexes in the area. “The new development will be aimed at small businesses engaged in manufacturing, warehousing and retail activities,” Migliori says. Migliori, along with Jim DeRegt and Mike Hearn of Lee & Associates of Newport Beach, represented the buyers. Rosenthal and Excel represented the sellers. Migliori says the new owners plan to break ground during the second quarter of 2005 with buildings expected to range in size from approximately 5,000 sf to 25,000 sf. The new project is part of the incredible growth going on in the industrial sector in the Inland Empire. According to a recent report by Cushman & Wakefield, there is roughly 49 million sf of industrial development in various stages of construction or planning in the Inland Empire, with some 12 million sf going up this year. The region is expected to top 300 million sf of industrial product before year’s end.A booming residential base throughout the Inland Empire is making cities like Murrieta ripe for additional development and additional opportunities for new jobs. The city’s population is gaining by nearly 10% per annum and has more than tripled in size since 1990, according to Murrieta city officials.

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