Hanover-Clifford Joint Venture Plans 212,000 SF

RANCHO CUCAMONGA, CA-Hanover Financial Co. of Los Angeles and the Clifford Cos. of Newport Beach will develop 21 industrial buildings for sale in a joint venture called HC-Vineyard LLC. The JV will develop the buildings to be offered for sale in an industrial park of approximately 212,000 sf that will be called Vineyard Business Center.The development site is a 13.31-acre parcel just north of Interstate 10 on the southeast side of 9th Street and Baker Avenue. The 21 single-tenant buildings will range from 5,375 sf to 23,790 sf.Hanover's investment was based in part on the "tremendous demand for industrial buildings with limited new supply" available or under development in the market, according to Mark Macedo, managing director of Hanover Financial. The concrete tilt-up buildings will feature clear heights of 24 feet, an office build-out averaging 10% and two ground-level truck doors of 14 feet by 14 feet.Vineyard Business Center will be marketed for sale by Paul Earnhart and Douglas Earnhart of Lee & Associates in Ontario. The project represents the fourth joint venture between Hanover and the Clifford Companies.Previous ventures between the two firms developed more than 558,000 sf of industrial buildings for sale in Fullerton, Mira Loma and Riverside. Hanover invests in existing and to-be-built commercial real estate projects on a joint-venture equity basis. The Clifford Cos. specializes in the acquisition and development of industrial and other commercial properties in California and Texas.