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7/22/14
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Seventh Street Development has broken ground on the 500k sf fourth and final phase of its 2 msf, 91-acre Mission 71 Business Park, the company’s redevelopment of the shuttered General Dynamics Military facility in Pomona.
Developed at a cost of $40 mil, the final phase, called Mission 71 West, comprises four industrial buildings ranging in size from 67k sf to 201k sf on a 23-acre site along the west side of the 71 Corona Expwy at Mission Blvd. Construction of the final phase is expected to be completed in the first quarter 2015.
The four new buildings at Mission 71 West will be the only modern buildings in their size range currently available for sale in the entire San Gabriel Valley. The buildings feature 30-foot clear height (with the largest of the four buildings at 32-foot clear), ESFR sprinkler systems, large secure, all-concrete truck courts, and 6k sf of high-quality two-story offices. Seventh Street is already in escrow on one of the four buildings.
The start of construction coincides with the completion of the business park’s 463k sf third phase in which all four buildings were committed to buyers long before completion. Buyers included Kittrich Corporation (250k sf), Vertex China (42k sf) and ALS Group (51k sf). Unipac/Continental Shipping will close on a 120k sf building immediately upon completion this month. Total value of the four sales transactions is approximately $48 mil.
Seventh Street had originally offered the buildings for sale or lease, but strong interest in ownership in the San Gabriel Valley and the lack of available product for sale has resulted in all 15 of the buildings completed to date at Mission 71 being sold. Demand for the buildings is coming from businesses relocating within the San Gabriel Valley as well as Central Los Angeles, North Orange County and the Western Inland Empire, according to Seventh Street Principal Craig Furniss.
“At build out, Mission 71 Business Park is expected to be home to more than 1,750 permanent employees, generating annual revenues to the City, State and local schools of approximately $2.5 mil,” Furniss said. “That doesn’t include the more than $9 mil in one-time revenues and public improvement infrastructure benefits such as utility, road and signal improvements generated by the development itself.”
The Mission 71 West development team includes Contractor, HBI Construction; Architect MacDavid Aubort & Associates; and the Colliers International brokerage team of Steve Bellitti, Tom Taylor, Josh Hayes, Tony Phu, and Summer Coulter. The CBRE team of Barbara Emmons, Lynn Knox, Jason Chao, and Dan De La Paz comprised the marketing team for Mission 71 Phase III.
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