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OAHU, HI-Low Archibald Real Estate Group has started construction on the second phase of its Spectrum Industrial Park in Oahu’s Kapolei submarket. Vacancy in Kapolei is at 2%.

Spectrum Industrial Park is located within the Kapolei Business Park. The 105,000-sf, 10-building first phase was completed in 2005. The 220,000-sf second phase of Spectrum will more than double the size of the development.

Like the first phase, the second phase is being funded with a construction loan from Fremont Investment & Loan. The loan for the second phase totals $35.5 million. Both loans were arranged by Michael Sanchez of Newport Venture Capital. Joan Kramer at Marathon Asset Management provided mezzanine loan financing.

Low Archibald Real Estate Group, founded in 2002 by real estate veterans John Low and David Archibald, is a Newport Beach, CA-based developer of industrial properties in the western United States. Recent projects include the 14-building Hamilton Gateway Business Center in Los Angeles and the 17-building Santa Anita Business Center in Rancho Cucamonga, CA.

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