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LONG BEACH, CA-Watt Commercial Properties of Santa Monica, Calif. has broken ground on the $12 million, 180,000-sf first phase of a 22-acre technology park at California State University Long Beach.

The first phase, which is designed for technology and light manufacturing companies, will consist of three speculative industrial buildings ranging in size from 23,000 sf to 108,000 sf. Construction is expected to be completed mid-2003, according to Cushman & Wakefield brokers listing the property. At build out, the CSULB Technology Park will include 11 buildings totaling more than 375,000 sf of industrial and office space. It will include fiber optic connections throughout the entire development.

The technology campus will be on Pacific Coast Highway near the 710 Freeway in a City of Long Beach redevelopment area and in a state enterprise zone that offers prospective tenants several tax incentives and credits, including sale or use tax credits.

The park is the first new development to be built on the land since the Navy granted it to a partnership of the university and the City of Long Beach in 1996. The Navy Department closed the former Long Beach Naval Center’s Cabrillo Housing Area in 1995 as part of a nationwide base closing program.

The technology park site is one of the last large undeveloped industrial properties in Long Beach and the only one currently available with finished lots, according to Watt.

Listing agents for the new park are Cushman & Wakefield’s Michael T. Sidney, David D. Mackenbach and Bret D. Quinlan.

Watt Commercial, founded in 1962, owns or controls a portfolio of more than 3.4 million sf of commercial properties including retail, office, industrial and multi-family. Watt owns a management company that oversees its own portfolio as well as more than 3 million sf of other commercial property.

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