Search
 

Confident Shea Breaks Ground Sans Tenants

ROSEVILLE, CA-Without any tenants in hand, the Aliso Viejo-based developer breaks ground for the second and third buildings at its 36 acre flex-office project in this Sacramento suburb.

By Brian K. Miller | Updated on November 13, 2005

ROSEVILLE, CA-Shea Properties of Aliso Viejo has broken ground on a speculative basis for the second and third buildings at its 36-acre flex-office development here in this well located suburb of Sacramento. Shea Center Roseville is adjacent to the 1.1-million-sf Galleria at Roseville and the confluence of Highway 65 and Interstate 80.

Upon completion, the 600,000-sf development will include 10 two- and three-story concrete tilt-up office buildings with circular glass lobbies at the corners. The first two buildings, completed in 2003 and 2005, are fully leased. The third and fourth buildings will be 32,650 sf and 50,070 sf; they will be complete in mid 2006. The current asking rate is $2.20 per sf per month on a full-service basis.

“We have two buildings under construction, so obviously we are optimistic about things,” Shea Center Roseville development manager Jeff Melrose tells GlobeSt.com. “We have no concrete commitments yet, but it’s been a lone bright spot in the office sector in most of greater Northern California area; vacancies have just crept up over 10% for the first time in the past three years.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.