FV School District Signs 20-Year Ground Lease

FOUNTAIN VALLEY, CA-The Fountain Valley School District has inked a 20-year ground lease for a parcel of vacant land here and plans to build a maintenance facility on the property.

The 2.15-acre parcel is located at 17350 Mt. Herrmann. The school district plans to construct a building here, which will be used to service and store school buses and vehicles.

“The property is adjacent to the City of Fountain Valley’s existing maintenance facility and thus use of the property by the school district is a logical extension of the property’s current use,” says David Knowlton, an NAI Capital Commercial broker who worked on the deal.

Knowlton, in conjunction with Lyndi Reed of NAI Corporate Services Division in Utah, represented both the lessee and the lessor, the Church of Jesus Christ of Latter Day Saints, in the transaction.

The Fountain Valley industrial market has experienced a negative net absorption of 30,911 sf during the first nine months of 2001, according to recent research by Cushman & Wakefield.