(Read more on the industrial market.)

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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.

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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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Phelan, which was founded in 2006, has more than $190 million indevelopment projects planned for 2007, with more than 100 acres ofland in the Inland Empire. The company develops a diversified listof project types, ranging from big-box industrial to multi-tenantlight industrial business parks, retail and office projects.

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Other developments that the company has planned or under wayinclude a 300,000-sf industrial distribution and warehouse buildingand a 230,000-sf distribution building on 21.3 acres at Slover andCatawba in Fontana. Also in Fontana, the Newport Beach-basedcompany plans a project on 37 acres adjacent to the masterplannedcommunity of Sierra Lakes, where Phelan is entitling the site for avariety of uses including retail, office and industrial.

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Among its other projects are sites in Rancho Cucamonga, Coltonand San Bernardino. The Rancho Cucamonga project calls for anapproximately 30,000-sf medical office building to be marketed forsale or lease, and the Colton project is anticipated as anindustrial business park of approximately 100,000 sf on six acresat the at the intersection of the Interstate 10 and Interstate 215freeways.

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Phelan also plans to develop approximately 30 acres of vacantland at the intersection of Cedar Avenue and Orange Street in theBloomington area of San Bernardino County. The company says that inaddition to increasing its activity in Southern California, itplans to seek opportunities in other US markets.

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