(Read more on the industrial market.)
FONTANA, CA-Locally based developer Carter Creek LLC is nearing completion on its Park 66 center, a commercial and industrial project of nearly 70,000 sf of buildings for sale. The development is taking shape on a site that formerly was vacant land at 14962 Foothill Blvd., near Foothill and Cherry.
Park 66 will include two buildings that are each 16,493 sf, two that are each 9,993 sf, and one of 17,000 sf, all being offered for sale. Gerry Harvey of CB Richard Ellis is marketing the project on behalf of the developer.
Harvey tells GlobeSt.com that Park 66 gets its name from its location on Foothill Boulevard (Route 66) and that the development will feature the Route 66 logo displayed prominently on the center's monument sign. The Park 66 project targets owner-users, and Harvey says the location may generate interest from users who can emphasize the Route 66 theme to gain more notice for their businesses. For example, he says, the site could be ideal for custom automobile restoration shops and the like.
The two 16,493-sf buildings and the two 9,993-sf buildings are industrial with some office build-out in each, while the 17,000-sf building will be sold as condominium units ranging from 1,600 sf to 3,500 sf. The condominiums will offer frontage on Foothill Boulevard, with the front of the building planned as service retail and the back zoned for light industrial.
Harvey says that demand for buildings in the Park 66 size category remains strong. Generally, buildings in this size range are taking six to 12 months after completion to absorb, but the Park 66 buildings are expected to be absorbed sooner because of the mixed-use nature of the project.
Harvey explains that the park is expected to appeal to an array of industrial users because of features like its dock-high loading that are harder to find in small industrial projects. Besides the dock-high loading, the industrial buildings will feature 20-foot clear heights, parking at a 2:1 ratio and 800-amp/120/208 electrical service. The commercial building will provide ground-level loading and 5:1 parking.
"The West Inland Empire industrial market remains very solid," Harvey says. The vacancy rate overall is approximately 5.1% for the West End, where the base inventory is 227 million sf.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
