TORRANCE, CA-Those who follow @GlobeStcom on Twitter may have seen a post teasing the announcement Tuesday, but GlobeSt.com has learned that Xebec Realty Partners Inc. has started construction on the development of a 20.52-acre site located at 500 Crenshaw Blvd. here, marking what a prepared statement calls "the largest single industrial project to break ground in the South Bay since 2007." In addition, the development is registered and being built to achieve a LEED Platinum rating, which would make it one of only a dozen industrial properties in the US to be awarded the highest LEED certification.
The development, called the Xebec Commerce Center-Torrance, is scheduled for completion by the end of 2012. GlobeSt.com has learned from CBRE, which is representing Xebec in the leasing of the project, that the construction cost is approximately $50 million.
“Sizable redevelopment opportunities in strategic in-fill locations are difficult to find, especially in the highly desirable South Bay market,” explains Neil Mishurda, executive managing director and partner at Xebec. “Our team is excited about this unique development project, especially given the scarcity of available class A industrial product near the ports of Los Angeles/Long Beach.”
The development will consist of two buildings totaling 436,000 square feet. One of the buildings—173,000 square feet—is pre-sold as a build-to-suit. According to John Schumacher of CBRE, who is representing Xebec in the leasing of the project, along with Bret Quinlan, that point “demonstrates the high demand and lack of supply for newer, class A industrial product in the infill South Bay market.”
Schumacher continues that “This demand, coupled with the lack of supply, is causing problems for those occupiers who want well-located, state-of-the-art buildings,” he said, noting that the vacancy rate for class A product in the South Bay industrial market is only 0.5%.
The second building is being developed as a speculative 264,900-square-foot, 42-foot clear warehouse with a high-image, architecturally-distinctive office entry fronting Crenshaw Blvd. The 42-foot ceiling clearance is increasingly attractive among tenants seeking greater ‘cubic capacity’ within the warehouse to store their product, and in most cases generates 20% more warehousing efficiencies compared to a 30-foot clear building.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
