Western Realco set to launch new California business park
Western Realco of Newport Beach, Calif., will break ground this month on Airport Mission Business Park, a $37 million, 1.1 million sq. ft. speculative industrial development in Ontario, Calif. Completion of the facility is slated for first-quarter 2002. The park will include an 857,000 sq. ft. distribution center and two other buildings, which will be 168,000 sq. ft. and 102,000 sq. ft. The distribution center will be for lease only, while the other buildings will be available for lease or sale.
The distribution center will feature 30 ft. interior clearance, 195 concrete truck courts, an Early Suppression Fast Response (ESFR) sprinkler system and 140 on-site trailer parking spots. The smaller buildings will also contain ESFR sprinkler systems and 30 ft. interior clearance.
Gary Edwards, vice president of Western Realco, said the typical size of the larger speculative industrial buildings in the Ontario market has more than doubled during the past decade. Such buildings now are in the 500,000 sq. ft. to 800,000 sq. ft. range. “We're at the top end of the range with our new project,” Edwards said.
Suburban Houston prepares for Home Depot center
Atlanta-based Home Depot has purchased a 40-acre tract of land in the Cedar Crossing Industrial Park in Baytown, Texas, to build a 755,000 sq. ft. warehouse/distribution center. Cedar Crossing LP was the seller of the land. Terms of the transaction were not disclosed. John M. Talhelm and B. Kelley Parker III of Houston-based Cushman & Wakefield of Texas represented Cedar Crossing LP in the, while Russell Perry of St. Louis-based R.E. Perry Co., Mike Shields of Baytown Economic Development and Kent Fuller of the Greater Houston Partnership represented Home Depot.
Completion of the warehouse, which Atlanta-based IDI will develop, is slated for December. The facility will be Home Depot's distribution base for its Southwest region, which includes Texas, Louisiana, Mississippi, Arkansas, New Mexico and Oklahoma. Home Depot also has an option to purchase another 50 acres in Cedar Crossing, which could bring the company's total development in the park to 2 million sq. ft. The park is located about 30 minutes from downtown Houston.
In other IDI, the company is nearing completion of the $32 million, 825,000 sq. ft. distribution center that it's developing for Paramus, N.J.-based Toys “R” Us in Midlothian, Texas, a suburb of Dallas. Occupancy of the center is slated for July.
In other Texas news, Houston-based Vantage Cos. has begun construction of Bondesen Business Park, a 365,000 sq. ft., seven-building industrial/office development in Houston. The project will feature a 140,000 sq. ft. warehouse/distribution facility that will contain a 24 ft. clear ceiling height and an Early Suppression Fast Response (ESFR) sprinkler system. The park will also contain two office/warehouse buildings totaling 132,775 sq. ft. and four other office buildings totaling 91,000 sq. ft.
California industrial activity blossoms in the springtime
Robertson Properties Group of Los Angeles has begun construction of two speculative industrial buildings totaling 550,000 sq. ft in Pico Rivera, Calif. Completion of the buildings is slated for September 2001. One of the buildings will contain 372,542 sq. ft. and feature 105 dock doors, parking for 407 cars and 26 truck trailers. The other building, which will be located just to the south of the first building, will contain 177,544 sq. ft., and will feature 25 dock-high doors and parking for 204 cars.
In other California news, Campton, Calif.-based Performance Team Freight Systems has leased the entire 547,000 sq. ft. first phase of the Port Los Angeles Distribution Center, which opened this spring. The center, which will eventually encompass 1.9 million sq. ft., is in San Pedro, Calif. Los Angeles-based Overton Moore Properties is the developer of the project. Completion of the 1.3 million sq. ft. second phase is slated for the end of the year.
Finally, Los Angeles-based Colliers Seeley International has arranged the sale of the Fullerton Industrial Park, an 11-building, 228,401 sq. ft. industrial park also located in Orange County. The RREEF Funds, Chicago, was the seller of the complex, and Hartford, Conn.-based Times Square Real Estate Investors was the buyer. Colliers Seeley represented both parties in the deal, the terms of which were not disclosed. The park was fully leased at the time of the sale.
Standard Register puts its John Hancock on big renewal
Standard Register has signed a lease renewal for 275,347 sq. ft. at 900 Kimberly Drive in Carol Stream, Ill., a deal that will expand its presence in the facility by nearly 91,000 sq. ft. The company originally moved into the building, which is located in the Carol Point Business Park, in 1996 and occupied 184,574 sq. ft. The building's other tenant moved out of the building earlier this year, and Standard Register will now occupy the entire building. Ken Franzese and Britt Casey of Chicago-based Grubb & Ellis represented the landlord, New York-based Lend Lease Real Estate Investments, in the deal. Los Angeles-based CB Richard Ellis represented Standard Register.
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A summer blockbuster: the sequel to Montpelier Research Park
Completion of the 154,041 sq. ft. second phase of the Montpelier Research Park in Columbia, Md., is slated for this summer. Dallas-based Trammell Crow Co. is the developer of the park. The second phase, construction of which began last October, contains four speculative flex buildings. The 155,000 sq. ft. first phase of the park opened in 1999; its tenants include Verizon and the Johns Hopkins University Applied Physics Lab.