The development site is near the Eureka Street off-ramp of the Interstate 10, with visibility from the eastbound lanes of the freeway. The developers expect to begin construction of the project in the first quarter of 2008.
President and CEO Stephen C. Hopkins of the Irvine-based development firm notes that the center is considered an important step in the revitalization of Downtown Redlands. The city in San Bernardino County has been attracting increased commercial and industrial development and investment in recent years, with new retail as well as new warehouse and distribution projects under way.
Earlier this year, for example, the 90,472-sf Orange Tree Shopping Center in Redlands traded for $23 million in a deal that brokers described as one of the largest retail centers ever purchased by an Inland Empire-based investment group. More recently, the Bixby Land Co. of Newport Beach leased 73,500 sf of a 147,000-sf industrial/R&D building in Redlands to the US Postal Service.
Other deals reflecting the growth in the city include the $54 million acquisition by Chatsworth-based retailer Lamps Plus of a 784,000-sf warehouse in the California Palms Business Center in a deal that ranks as one of the largest single-user transactions in the market. Also in the California Palms center, Haralambos Beverage acquired a 146,000-sf warehouse at approximately the same time as the Lamps Plus deal closed.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.