(Read more on the industrial market.)
NEWPORT BEACH, CA-Phelan Development Co. plans a 408,000-sfindustrial project on a 19.5-acre site that the company acquiredrecently, according to Grubb & Ellis. The site of thediversified development firm's new project is on Eighth Street nearNorth Vineyard Avenue.
Randy Lockhart and Ryan Athens of the Ontario office of Grubb& Ellis, who represented the buyer and the seller, report thatPhelan bought the site from a group of private investors. Thespeculative development will include industrial buildings rangingin size from 5,220 sf to 131,795 sf and will be marketed for saleor for lease by Lockhart and Athens.
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