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NUEVO, CA-A joint venture of Pacific Coast Capital Partners of El Segundo, Kearny Real Estate Co. of Los Angeles and Keeton Construction Co. of Temecula plans to develop a 68-acre industrial site called Nuevo Business Park that will include both speculative construction and build-to-suit projects. The venture has paid $7 million for the 16-acre first phase of the property, which is due for completion in about 18 months.PCCP made its investment through the Southern California Smart Growth Fund, an institutional equity fund focused on low- and moderate-income census tracts throughout Southern California.The venture’s overall business plan includes development of a light industrial business park with land sales, build-to-suits and phased speculative construction. Development will consist of buildings ranging from 5,000 sf to 50,000 sf that will be available for sale or for lease. The partnership will also be able to accommodate build-to-suits up to 150,000 sf. The developers say that entitlements, a subdivision, and site infrastructure will commence immediately and are anticipated to take approximately 12 to 18 months. Development of the parcels is anticipated to occur in four phases.Finished land costs for the development will be “significantly below” those of the few competitive sites in the rapidly expanding Interstate 215 corridor, which is already a low-cost alternative for the region, according to Greg Galusha, principal of Pacific Coast Capital Partners.The Nuevo Business Park development site lies just outside of the City of Perris border and at the southeastern tip of the Inland Empire East submarket–both of which maintain vacancy rates under 3%. The property is located on the west side of the Nuevo Road exit along the Interstate 215 corridor. The site runs adjacent to the City of Perris, about 20 miles north of Temecula and 10 miles south of the Interstate 215/Highway 60 interchange.

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