Bob Searles, president of Steadfast Properties, tellsGlobeSt.com that the last of the five buildings in the238,945-square-foot first phase of the development was recentlycompleted and that the joint venture is planning to develop asecond phase of 223,266 square feet next year. Depending on howleasing proceeds on the rest of phase one and what marketconditions are like next year, construction on the second phasewill most likely begin near the end of 2009, Searles tellsGlobeSt.com.

The phase one buildings include sizes of 5,500 square feet,10,500 square feet, 62,000 square feet and 102,000 square feet,ranging from one to four stories. The second phase is planned fortwo three-story buildings of 62,000 square feet and one four-storybuilding of 102,000 square feet. The project site is at Townsgateand Lake View Canyon roads, next to the 101 Freeway.

The Steadfast-Amstar JV is signing leases at asking rates of$3.15 to $3.25 per square foot per month, full service gross,according to Searles. "In all of the markets that we are in, thisis probably the one that has the greatest strength and velocity ofleasing," he notes.