(Read more on the industrial market.)
NEWPORT BEACH, CA-Phelan Development Co. plans a 408,000-sf industrial project on a 19.5-acre site that the company acquired recently, according to Grubb & Ellis. The site of the diversified development firm's new project is on Eighth Street near North Vineyard Avenue.
Randy Lockhart and Ryan Athens of the Ontario office of Grubb & Ellis, who represented the buyer and the seller, report that Phelan bought the site from a group of private investors. The speculative development will include industrial buildings ranging in size from 5,220 sf to 131,795 sf and will be marketed for sale or for lease by Lockhart and Athens.
Phelan, which was founded in 2006, has more than $190 million in development projects planned for 2007, with more than 100 acres of land in the Inland Empire. The company develops a diversified list of project types, ranging from big-box industrial to multi-tenant light industrial business parks, retail and office projects.
Other developments that the company has planned or under way include a 300,000-sf industrial distribution and warehouse building and a 230,000-sf distribution building on 21.3 acres at Slover and Catawba in Fontana. Also in Fontana, the Newport Beach-based company plans a project on 37 acres adjacent to the masterplanned community of Sierra Lakes, where Phelan is entitling the site for a variety of uses including retail, office and industrial.
Among its other projects are sites in Rancho Cucamonga, Colton and San Bernardino. The Rancho Cucamonga project calls for an approximately 30,000-sf medical office building to be marketed for sale or lease, and the Colton project is anticipated as an industrial business park of approximately 100,000 sf on six acres at the at the intersection of the Interstate 10 and Interstate 215 freeways.
Phelan also plans to develop approximately 30 acres of vacant land at the intersection of Cedar Avenue and Orange Street in the Bloomington area of San Bernardino County. The company says that in addition to increasing its activity in Southern California, it plans to seek opportunities in other US markets.
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