The project will be located on a tract of about 4.9 acres, a quarter of a mile west of the I-15 Freeway at Second Street. The developers, who say they are already receiving offers on the buildings, expect to begin construction in November, with finished buildings scheduled for delivery by July 2004. The buildings will range from 4,500 sf to 13,500 sf and feature a western-theme architectural design with 16- to 18-foot clear heights, up to 12% office build-out, grade- level loading and gated yards.
Buchanan Street Partners invested equity in the $6.1-million-plus development on behalf of the Buchanan Funds, the firm's proprietary equity capital program. The development marks the fourth investment the equity investor's made with Master Development Corp., and the second project that they've paired on in the area. Last year, Buchanan Street co-invested with Master Development on West Corona Business Park, a nine-building development that is nearing completion and being marketed for sale approximately five miles west of the Norco Trails site. Their other joint ventures include projects in Rancho Cucamonga and Otay Mesa.
Master Development, founded in 1994 by principals Bruce McDonald and Bryan Bentrott, specializes in the development of industrial properties ranging from small, freestanding buildings to large warehouses. The company typically acts as both developer and general contractor for both shell and tenant improvement work on its projects. Its developments include industrial projects throughout the Inland Empire, Orange County and San Diego County.
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