Property Type

POMONA, CALIF. — Seventh Street Development has purchased a 22.5-acre parcel in Pomona for an undisclosed sum. The land, which is located on the western side of the 71 Corona Expressway at Mission Boulevard, will eventually house the final phase of the two-million-square-foot Mission 71 Business Park. The $40-million Mission 71 West will include four industrial buildings that will range in size from 65,000 square feet to more than 200,000 square feet for a grand total of about 500,000 square feet. The initial two phases of Mission 71 included a renovated 750,000-square-foot former General Dynamics building and 11 newly constructed buildings ranging in size from 16,000 square feet to 42,000 square feet. The new buildings are all occupied by owners-users, including food and industrial product manufacturers, as well as a variety of importers and distributors. This final phase will round out the private development of the former General Dynamics Naval Industrial Reserve Ordinance Plant, which was shuttered in 1994. Many of its buildings were demolished, while the others sat vacant until the Mission 71 redevelopment efforts commenced.

CARLSBAD, CALIF. — Ocean Terrace Corporate Center, a 177,149-square-foot, Class A office park in Carlsbad, has sold to BBL Commercial Real Estate for an undisclosed sum. The four-building park is located at 5740-5770 Fleet Street. It is currently 77 percent leased to tenants like Invensys Systems, Island Restaurants, BVK Direct Inc. and Farmers Insurance Exchange. It also houses Jenny Craig’s corporate headquarters. Rick Reeder, Brad Tecca, Matty Sundberg and Aric Starck of Cassidy Turley San Diego represented both the buyer and the seller, Regent Properties, in this transaction. Sundberg and Stark will also handle the park’s leasing efforts, along with Dennis Visser, also of Cassidy Turley.