Long Beach Firm Plans 408,000-SF Biz Park

POMONA, CA-Seventh Street Development of Long Beach plans a new 408,000-sf industrial project called Valley-71 Business Park that will include five buildings ranging from 25,000 sf to 205,000 sf that will be offered for sale or lease, according to CB Richard Ellis brokers who are the listing agents for the new development. The CBRE team includes Lynn Knox, Barbara Emmons, Garrett Carter and Darla Longo.

Privately held Seventh Street is developing the new project in partnership with the Genesis Real Estate Fund II on land that the company recently acquired near the high-profile intersection of the 71, 57 and 10 freeways. The work will include demolition of an existing paper mill on the site in early 2008, with construction scheduled to begin before the end of next year.

The new buildings are expected to be available in the third quarter of 2009. The CBRE brokers note that the site includes significant sewer credits and utility capacities combined with rail service, which are ideal for manufacturers such as food processors. The credits and capacities are a result of the site's previous use as a paper mill.

In addition to featuring 1,500 lineal feet of freeway frontage along the 71 Expressway at Valley Boulevard, the project will feature generous parking and yard areas, dock-high loading positions, two-story office space and freeway signage. Knox says that the location is expected to draw strong interest from a number of geographic markets, including the San Gabriel Valley, Los Angeles and North Orange County.

Before the beginning of planned construction, Seventh Street will offer build-to-suit opportunities up to 400,000 sf at Valley-71, which is the second major project in the City of Pomona to be developed by the Long Beach-based company and the Genesis Real Estate II Fund. Wells Fargo Bank provided the land acquisition financing.