POMONA, CA-Seventh Street Development has purchased a 22.5-acre parcel here, gaining control of the final piece of its anticipated $40-million Mission 71 Business Park project.
The land parcel, located on the Western side of the 71 Corona Expressway at Mission Blvd., will be added to the completed Phase I and Phase II of the business park project, as well as the under-construction Phase III. When completed, the Mission 71 Business Park will have more than two million square feet of industrial space.
The purchase price was not disclosed for the all-cash deal on the 22.5-acre land parcel, which was owned by a private, out-of-state seller who was not a developer, according to Craig Furniss, principal at Seventh Street. This final phase of redevelopment is being called Mission 71 West.
The Mission 71 Business Park is sited at the location of the former General Dynamics Naval Industrial Reserve Ordinance Plant, shuttered in 1994. The completed construction on the parcel will total approximately 500,000 square feet. It will host four industrial buildings ranging in size from 65,000 square feet to more than 200,000 square feet.
“Two other developers went under contract prior to us, but were not able to close,” Furniss tells GlobeSt.com. “We closed on time without any price adjustments, as we understood the property before we put it under contract.”
Furniss says the property was bought unentitled and Seventh Street will be processing entitlements through the city of Pomona. He claims Seventh Street was “a natural buyer for the property, as we have been through this process successfully three times in recent years for the first three phases of Mission 71 East of the freeway.”
No remediation on the new land parcel will be required, Furniss says. The California Environmental Protection Agency conducted a site closure in 1994 when General Dynamics was shuttered and issued no further action letters.
The first two phases of the Mission 71 Business Park are complete and feature a renovated 750,000-square-foot former General Dynamics building and 11 new buildings ranging in size from 16,000 square feet to 42,000 square feet. The buildings are all occupied by owner-users and include food and industrial product manufacturers and a variety of importers and distributors.
Earlier this year, GlobeSt.com reported on the groundbreaking for the first of four buildings being constructed in Mission 71's Phase III, including a 245,000-square-foot corporate headquarters and manufacturing building that was pre-sold to the Kittrich Corp. Construction is expected to begin on the final three buildings of Phase III by year-end.
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