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LONG BEACH, CA-San Francisco-based Newcastle Partners Inc. and RREEF have closed two sales and two leases totaling 39,000 square feet at Douglas Park, a former Boeing aircraft manufacturing site now planned as a 261-acre business park. Newcastle and RREEF are developing 54.5 acres of land at the site, which is on Lakewood Boulevard immediately adjacent to Long Beach Airport.

In the two sales, Felahy & Associates, a trial law firm serving both Los Angeles and Orange counties, bought 4000 Cover St., an 8,875-square-foot low-rise office building, while Living Opportunities Management Co., a residential management company, bought 3787 Worsham Ave., a 7,622 low-rise office building. Douglas Park was represented in all of the transactions by Rick Warner and Gregg Kirkpatrick of CB Richard Ellis. Felahy & Associates was represented by Luke Raimondo of Travers Realty and Living Opportunities was represented by David Coe, along with Jeff Tabor, of Corporate Realty Advisors.

In the two leases, Overland, Pacific & Cutler Inc. signed a 10-year deal for 12,593 square feet at 3750 Schaufele Ave. and Interface Security Systems Holdings Inc. signed a 5.5-year lease for 9,240 square feet of space at 3750 Schaufele Ave. Overland Pacific, a firm providing professional services for clients with projects involving land and right of way issues, was represented by Tabor. Security Systems, which provides electronic-security services, was represented by John Collins of Lee & Associates.

Newcastle Partners and Rreef recently completed construction of the office portion of phase one of Douglas Park. The office portion totals 168,000 square feet and includes nine buildings ranging from 12,000 square feet to 40,000 square feet that are available for sale or lease.

Jackson Smith, partner with Newcastle Partners, says that the new space is proving popular for corporate headquarter locations. “Companies are locating here from Orange County and Downtown Long Beach to gain more immediate access to the 405 and subsequently access to their customers who are located throughout Southern California,” Smith says.

The two-phased, 54.5-acre portion of Douglas Park that Newcastle Partners and RREEF are developing is valued at an estimated $350 million upon final build-out. Phases one and two will total approximately one million square feet in a master-planned, mixed-use business environment. The class A buildings will be LEED-certified. As planned, Douglas Park will ultimately include approximately four million square feet of commercial space including office, industrial, retail and hotels along with 9.9 acres of parks.

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