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JV Acquires Nearly 55 Acres for Mixed-Use

LONG BEACH, CA-Newcastle Partners of San Francisco and Rreef Alternative Investments buy the 54.5 acres for the first two phases of a 261-acre project.

By Bob Howard | Updated on August 26, 2008

[IMGCAP(1)]LONG BEACH, CA-A joint venture of San Francisco-based Newcastle Partners Inc. and Rreef Alternative Investments has acquired 54.5 acres at the former Boeing plant for the first two phases of development at Douglas Park, a project that will total 261 acres upon completion. The developers peg the value of the mixed-use project at $350 million upon completion.

The development site is West of Lakewood Boulevard, adjacent to the Long Beach Airport and the 405 Freeway. The first phase of the project will include 165,000 sf of office space and 245,000 sf of industrial.

[IMGCAP(2)]The office portion will comprise nine buildings ranging from 7,200 sf to 40,000 sf that are available for sale or lease; three of the office buildings will be three stories each, and the rest will be two stories. The industrial portion will consist of 12 one-story buildings that are available for sale or lease in sizes from 6,140 sf to 32,258 sf.

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