JV Acquires Nearly 55 Acres for Mixed-Use

[IMGCAP(1)]LONG BEACH, CA-A joint venture of San Francisco-based Newcastle Partners Inc. and Rreef Alternative Investments has acquired 54.5 acres at the former Boeing plant for the first two phases of development at Douglas Park, a project that will total 261 acres upon completion. The developers peg the value of the mixed-use project at $350 million upon completion.

The development site is West of Lakewood Boulevard, adjacent to the Long Beach Airport and the 405 Freeway. The first phase of the project will include 165,000 sf of office space and 245,000 sf of industrial.

[IMGCAP(2)]The office portion will comprise nine buildings ranging from 7,200 sf to 40,000 sf that are available for sale or lease; three of the office buildings will be three stories each, and the rest will be two stories. The industrial portion will consist of 12 one-story buildings that are available for sale or lease in sizes from 6,140 sf to 32,258 sf.

The second phase of the project will include up to 500,000 sf of office space, a 200-room hotel and 24,000 sf of retail space. The office portion will include 20 buildings ranging from 12,000 sf to 120,000 sf for sale or lease. The buildings in both phases will be class A and LEED-certified.

Dennis Higgs, president and CEO of Newcastle Partners, describes the development as a “high-profile urban infill project that will transform the area into a thriving business hub.” Plans for the entire project include four million sf of commercial space including office, industrial, retail and hotels along with 9.9 acres of parks.

The planned 261-acre development, all part of the former Boeing property, is the largest piece of developable land in Long Beach, according to the developers. In addition to planning space that will be offered for sale or lease, the developers say there is potential for build-to-suits. The marketing team for the project includes Rickey Warner, Gregg Kirkpatrick, Brian DeRevere and John Schumacher of CB Richard Ellis.