Stowe Passco is an affiliate of Santa Ana, CA-based Passco Real Estate Enterprises Inc., where Harty is a senior vice president. He says the development entity has purchased a site at the corner of Ninth Avenue and Vineyard Street for $2.1 million and plans to begin construction in the fourth quarter. Completion of all 22 buildings is projected for 2005.
The Inland Empire of Riverside and San Bernardino counties has continued its steady growth despite the overall economic slowdown. Harty says Stowe Passco--which already has other projects in the works here--is seeking industrially zoned or other raw land that could be zoned for industrial development in the Inland Empire. The company is concentrating on sites along the Interstate 15 corridor from the I-210 to the I-91.
The Rancho Cucamonga project is the second Inland Empire development announced in recent weeks by Passco Real Estate Enterprises Inc. The other was a project in Norco, which will rise under the auspices of the firm's affiliate, Passco Development LLC SPD. That project, Town & Country Business Center, is a 6.5-acre industrial development at Town and Country Drive and Tara Lane.
The Town & Country site is entitled for 35,000 sf of multi-tenant industrial improvements and 60,000 sf in eight free-standing industrial buildings. SPD plans to begin construction during the third quarter. At completion, the center will consist of 11 single-user buildings that will be for sale and three multi-tenant buildings that will be offered for lease.
Passco Real Estate Enterprises Inc. specializes in providing real estate investment and 1031 Exchange opportunities in California, including neighborhood and community retail centers, business and industrial parks, land development and single-family home construction. The portfolio consists of more than two million sf of retail and office properties. Passco provides asset management, property management, and development activities through its affiliates, Passco Property Management Inc. and Stowe-Passco Development LLC.
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