X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

A Catellus Development Corporation subsidiary is the new owner of a 588-acre former Kaiser Steel Mill property in Southern California’s Inland Empire. The site, to be redeveloped as Kaiser Commerce Center, was purchased for approximately $16 million from Kaiser Ventures Inc.

The property – the only large, developable parcel in the Los Angeles Basin with rail service from both Burlington Northern Santa Fe (BNSF) and Union Pacific (UP) – is located six miles from Ontario International Airport near the junction of Interstates 10 and 15. A six million-sf industrial park and a truck plaza are planned for the site.

Over the past five years in the area, Catellus has developed and currently owns the neighboring Crossroads Business Park, Rancho Cucamonga Corporate Park, Ontario Pacific Distribution Center, and Pacific Gateway. All told, Catellus has built and leased approximately 3.1 million sf in the area, and another 1.5 million sf is under development. Another one million square feet of buildings and 65 acres of land in the area have been sold by the company.

The Kaiser Steel Mill property is a continuation of the Company’s strategy to identify and transform former industrial sites. In 1997, a Catellus subsidiary acquired a 206-acre parcel in Hercules, north of Berkeley, California, the site of a former oil and asphalt refinery.

The refinery was decommissioned, demolished, and is expected to be marketed to homebuilders late this year. The recently approved project, featuring unobstructed views of San Pablo Bay, is entitled for 880 new homes, a school, commercial space, and public parks and open space.

Grading and remediation at Kaiser Commerce Center should continue through mid-2001 with completion of transportation and infrastructure improvements set to coincide with land deliveries in mid-2002. An existing San Bernardino County plan has entitled 375 acres of the property for industrial and truck plaza development.

Catellus owns one of the largest portfolios of developable land in the Western United States, capable of supporting over 44.8 million square feet of new commercial development and an estimated 15,200 residential units.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.