Genesis Fund Plans 380,000-SF Industrial Park

POMONA, CA-The Burbank-based Genesis Real Estate Fund II, in partnership with Seventh Street Development, has acquired 20.6 acres for the development at a shuttered plant formerly occupied by General Dynamics. The development will be called Mission-71 Business Park and will comprise 380,000 sf in 19 buildings, according to Mark Schaffer, managing director at Shamrock Capital Advisors, which manages the Genesis Fund.Genesis Real Estate Fund II committed $8.5 million in equity to the project, which will be developed on a site that is fully entitled and has been subdivided into 22 parcels, Schaffer says. The investment by Genesis will finance the acquisition and development of the property.The buildings, ranging in size from 13,000 sf to 70,000 sf, are expected for completion in two phases over the next 30 months. The developers expect to sell the buildings to owner-users for warehousing and light manufacturing operations.Craig Furniss, a principal with Seventh Street Development, says that the buildings will offer some features that are relatively rare in the immediate submarket, including large fenced yards and multiple dock-high loading positions. He adds that a new off-ramp will be constructed at the site, which is adjacent to the Corona Expressway in the City of Pomona's South Garey/Freeway Corridor Redevelopment area.The developers bought the site from Alliance Commercial partners, which was represented by Lynn Knox, Barbara Emmons and John Privett of CB Richard Ellis, who will be the listing agents for the buildings. Ware Malcolm has been selected as project architect, with JP Morgan Chase to provide the construction financing.Genesis invests in properties with two primary objectives, Shaffer notes: Producing "attractive risk-adjusted returns for our investors while stimulating economic activity and creating jobs." The development marks the second project Genesis has done with Seventh Street Development and its fourth project with the two principals of Long Beach-based Seventh Street, Craig Furniss and Doug Hinchliffe.The $104-million Genesis Real Estate Fund II provides gap financing to developers in the form of equity, preferred equity or mezzanine debt, on projects ranging in size from $10 million to $80 million.