X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the industrial market.)

FULLERTON, CA-A joint venture of Los Angeles-based Lowe Enterprises and GE Real Estate has launched construction of a 285,399-sf industrial park called Kimberly Business Center on a 15-acre site here. The $46-million project is the first transaction in a new $100-million industrial development venture between Lowe and GE Real Estate.

GE’s participation in the deal is a $9.8-million equity investment, according to Steve Hoover, managing director for GE Real Estate North America Equity. Executive vice president Phil Peters of Lowe Enterprises Investors, who structured the firm’s investment programs with GE Real Estate, notes that the two firms previously worked together on a national office acquisition program.

Kimberly Business Center is under way at 1550 Kimberly Ave., bounded by Raymond Avenue and Acacia Street in the North Orange County industrial market. According to Jamie Daugherty, senior vice president with Lowe Enterprises Real Estate Group, the project targets the continuing strong demand for industrial space from companies requiring a central urban facility as well as the growing number of small, entrepreneurial enterprises that want to own their buildings. Lowe has already sold more than 65,000 sf of the project, Daugherty notes.

Lowe acquired the site from Johnson Controls Battery Group in the fall of 2005. Johnson Controls had operated an 182,966-sf automotive and marine battery manufacturing facility for many years, and as part of the transaction the company leased back the property for two years.

Ware Malcomb architects is the project designer for the Kimberly Business Center, for which J.D. Diffenbaugh is the general contractor. A Voit Commercial Brokerage team is handling the sales and marketing of the project, which is scheduled to be completed in the summer of 2008.

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

*May exclude premium content
Already have an account?

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.