With first phase sold out, Seventh Street hopes to fill void created by closing of redevelopment agencies with 460,000 square feet of new space that can be delivered in 12 months.
Pomona, CA-Seventh Street Development has sold a 38,000 square-foot industrial building -- the last remaining building in the successful first phase of Mission-71 Business Park in Pomona -- to Lift-It Manufacturing for $4.1 million, announced Seventh Street Principal Craig Furniss.
Lift-It, a 33-year old industrial sling manufacturing company serving the material handling and rigging industries, will relocate to Pomona from Vernon.
With the economy on the mend, the market for industrial space is getting healthier, said Furniss. On Wednesday, the state officially shuttered redevelopment agencies, limiting the amount of planned industrial space coming to market. In its wake are a number of users who had depended on these redevelopment projects. We hope to fill that void with our proposed buildings ranging from 40,000 square feet up to 250,000 square feet at the Mission-71 Business Park. Our ability to deliver these buildings is unaffected by the demise of the RDA's.
Ironically, it was the Pomona Redevelopment Agency that provided some essential infrastructure funding in a 2008 agreement that helped make the Mission-71 project possible, according to Furniss.
Seventh Street also announced that it plans to expand its Mission-71 Business Park by acquiring an adjacent 11-acre parcel from the Federal Government. Seventh Street, who is under contract on the parcel and will close in April, has plans for a 250,000 square-foot industrial building that will be offered for lease or sale. This building will feature 42 dock high loading positions, ESFR sprinkler system, 32 foot minimum clear height and a large fenced yard with excess parking for cars or trailers.
Seventh Street also has three separate fully entitled buildings of 42,000, 51,000 and 120,000 square feet ready to construct at the Mission-71 project. These three new buildings will be offered for sale or lease and can be delivered within 12 months of a commitment, according to Furniss. Each offers freeway frontage & signage, up to 30-foot clear heights, fenced yards, ESFR sprinkler systems, excess parking, and two-story office components. With the addition of these new buildings, the Mission-71 Business Park will grow to 1,500,000 square feet of industrial space. The size of the Mission-71 Business Park allows Seventh Street to offer owners and tenants special amenities such as cost effective on-site security within a master planned business park environment.
Seventh Street, which has successfully developed more than 1.2 million square feet of industrial space in the San Gabriel Valley and Inland Empire, has engaged the CBRE team of Lynn Knox, Jason Chao, Dan De La Paz and Barbara Emmons to handle leasing and sales for the remaining buildings.
About Seventh Street Development
Headquartered in Long Beach, California, Seventh Street Development is a privately held firm specializing in Southern California industrial, office and mixed-use commercial projects. Since its inception in 2003, Seventh Street has developed numerous successful projects in various cities including Irwindale, Pomona, Riverside, San Bernardino, and the City of Los Angeles. For more information, visit www.7thStreetDevelopment.com