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TEMECULA, CA-Pacific Coast Capital Partners of El Segundo and the PRES Cos. of Newport Beach have formed a joint venture to acquire a 12.4-acre site at the Westside Business Center, where they will develop a $32-million office, flex-tech and industrial project totaling 187,250 sf. The joint venture committed $6 million in equity financing to the transaction through the Southern California Smart Growth Fund, an institutional equity fund focused on low-and moderate-income census tracts throughout Southern California.The venture plans to develop buildings ranging in size from 3,000 sf to 25,000 sf at the 373-acre Westside Business Center, near Winchester Road and Jefferson Avenue, with the buildings to be offered for sale. Construction is anticipated to begin the second quarter of 2005 with completion targeted for January 2006. With the Riverside County population having grown 32% over the past decade and no corresponding increase in commercial space, the developers say, the new project will help meet the region’s rising demand for office, flex-tech and industrial workspace.William Lindsay, a founding partner of PCCP, says the development will also allow additional county residents to work near home, eliminating lengthy commute times, which has grown into an increasing concern as the region’s population has boomed. The 12.4-acre development site lies along Via Industria and consists of two parcels. One parcel is 6.2 acres and will consist of 18 units of office space at a total of 86,500 sf on the eastern edge of the park. The second 6.2-acre western parcel sits behind the office parcel and will consist of buildings of small flex-tech/industrial totaling 100,750 sf. The property is divided into two parcels by the newly constructed, four-lane Via Industria, which will become part of the planned “Western Bypass” corridor connecting Highway 78 to the South and Cherry Avenue in Murrieta to the North. The PCCP-Pres development is the second joint venture between the firms, which previously teamed on the development of PRES Corporate Center, a 16-acre, $32 million master-planned business park in Santa Ana.

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