Kearny teamed with Pacific Coast Capital to acquire
the 76 acre Nuevo Business Park. The property was
acquired in four phases beginning in November 2004
and included the acquisition of 8.4 acres at a tax
foreclosure sale.
The Project is comprised of 16 freeway adjacent,
rail-served acres, six freeway commercial acres, and
53 acres zoned for business park uses.
Total project costs will be approximately $60
million. Kearny successfully received approval of the
EIR and Tentative Map in July 2007 to subdivide the
property into finished parcels ranging from one to
eight acres with eventual buildout of approximately
one million square feet.
The property’s location along the 215 Freeway at the
Nuevo Road on/off ramp provides excellent freeway
visibility and access, and adjacency to significant
retail amenities. Nuevo Business Park is 20 miles
north of Temecula, where Kearny completed
Westside Business Center, and 10 miles
south of the I-215, Highway 60 interchange, ideally
situated to capitalize on the growth occurring in
the Inland Empire.
Indicative of Kearny’s flexibility and willingness
to respond to changing market conditions,
rather than execute the original business plan
of speculative and build-to-suit projects, Kearny
completed $3 million in off-site sewer, water and
storm water improvements and sold the land in three
separate transactions to two developers and one user
in 2007 for returns exceeding the original
underwritten returns with considerably less risk.
Architect: Smith Consulting
Civil: Engineering Solutions
Contractor: TC Construction & Bedon Construction
Planning: T&B Planning Consultants
|
