The proposed transaction is in its due diligence phase. Prospective lease terms are not being made available due to a binding confidentiality agreement signed by both companies.
Pacific Commons recently received approvals for the full 8.3 million sf business park within the site's 255-acre development footprint. Approximately 774,000 sf of space is already complete and occupied, and another 240,000 sf is currently under construction.
Some 74,000-sf of the light industrial space currently under construction was leased to Intel Corp. earlier this month. The Intel lease includes an option to purchase the first building upon completion, and a separate option to lease an additional 100,000 square foot office building.
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