(To read more on the industrial market, click here.)

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SAN JUAN CAPISTRANO, CA-Centra Realty Corp. of Irvine hasacquired 18.75 acres for $20 million in preparation for a241,000-sf R&D project called Ventanas Business Center,according to Grubb & Ellis. The development site for theproject, which will be the first new industrial R&D space builtin the city in years, is adjacent to the Interstate 5 Freeway andCalle Arroyo.

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Keith Ross, principal of Centra Realty Corp., comments that,"there has been virtually no new industrial/R&D product builtin San Juan Capistrano in the last decade," despite growing demand.The vacancy rate for such space is below 2%, Ross notes.

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According to Scott Johnstone and Greg Puccinelli of the NewportBeach office of Grubb & Ellis, who represented both the buyerand the seller, the land that Centra acquired is the last parcelavailable for development in San Juan Capistrano with freewayfrontage. Centra bought the land from Buie Stoddard Properties ofLaguna Niguel.

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Johnstone and Puccinelli have also landed the marketingassignment for the project, which is anticipated to break ground ayear from now. It will feature 12 industrial/flex buildings forsale with units ranging from 2,600 sf to 26,250 sf.

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Puccinelli tells GlobeSt.com that the development site, which israw land, was part of a larger parcel and attracted "lots ofoffers" when it went on the market. "We had a number of very strongoffers," from a number of buyers, both local and national, hesays.

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The reason that no new industrial projects have been built inmany years in San Juan Capistrano has been primarily for lack ofland, Puccinelli says. It's possible that construction might beginin less than a year, he says, depending on how long it takes forthe developer to obtain site plan approval from the city.

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