X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

FULLERTON, CA-Lowe Enterprises plans to develop 260,000 sf of small industrial buildings for sale on a 15-acre site that the Los Angeles-based development and investment firm acquired recently from Johnson Controls Battery Group. Johnson Controls, which has operated an 182,966-sf automotive and marine battery manufacturing facility for many years, will lease back the property for at least one year.During the period of the leaseback, Johnson will demolish the existing structures and complete environmental remediation work to create a clean site to Lowe for the new development, says Rick Newman, president of Lowe Enterprises Real Estate Group’s western region. Newman says Lowe’s new buildings will serve the strong and growing demand for industrial space in North Orange County, where development sites are scarce.Newman notes that Lowe closed on the transaction in two weeks, thanks to completing its due diligence quickly and its familiarity with environmental clean-up requirements. The quick close was necessary to meet the seller’s need to complete the sale before the end of its fiscal year, he adds.The Lowe development site, at 1550 Kimberly Ave., is bounded by Raymond Avenue and Acacia Street in the heart of the North Orange County industrial market near the 91, 57 and 5 freeways. Lowe will offer buildings for sale ranging from 7,500 sf to 15,000 sf, with architect Ware Malcomb devising site plans that could accommodate up to 24 buildings totaling 260,000 sf.Development sites have become even harder to find recently because local zoning changes designed to increase housing inventory have converted some traditionally industrial areas into residential, points out Mike McNerney, SVP of Lowe Enterprises Real Estate Group. The new buildings will be designed to accommodate office uses along with warehousing and light manufacturing, with grade-level loading and clear heights of 18 to 24 feet.Lowe Enterprises expects to start construction in fall 2006 with completion estimated for fall 2007.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.