(Read more on the industrial market.)
REDLANDS, CA-Newcastle Partners of San Francisco plans two new industrial projects here, both scheduled to open in 2008, that will total 759,000 sf and will comprise two buildings each. One will be called the Alabama Industrial Center I and II, the other the Almond Industrial Center.
Newcastle will develop 573,000 sf at Alabama Industrial Center on 27.6 acres of land at Alabama and Palmetto streets. Construction is scheduled to start late this year, with delivery of buildings anticipated in late summer 2008.
The company will develop the 186,000-sf Almond Industrial Center on 9.4 acres on Almond Avenue between California and Nevada streets. The buildings will be divisible down to 19,000 sf, with dock high facilities. Construction is scheduled to begin in the first quarter of 2008, with delivery of buildings anticipated for fourth quarter of 2008.
The two new developments are part of an overall Newcastle strategy designed to acquire well-located parcels in prime locations along major interstate transportation arteries in which to build class A warehouse/distribution buildings in Southern California, according to Dennis Higgs, president and CEO of Newcastle. In addition to the two new Redlands projects, Newcastle already has a major presence in the Inland Empire with its 612,000-sf Midway Distribution Center in Fontana.
The 612,000-sf center is at 11101 Etiwanda Ave. and is 100% leased to Wayne, NJ-based Building Materials Corp. of America, one of the largest building products companies in North America. Higgs notes that the Midway Distribution Center was leased before the completion of construction and that it occupies a location at the midpoint between the 10, 60 and 15 freeways.
Newcastle Partners teamed with Santa Fe Springs-based Hulco LLC to develop the Midway project, which is set on approximately 27 acres. The Building Materials Corp. of America lease is a 10-year deal in which Newcastle was represented by Jeff Smith of Lee & Associates.
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