JV TO DEVELOP MIXED-USE BUSINESS COMMUNITY AT DOUGLAS PARK
LONG BEACH, CALIF. — San Francisco-based Newcastle Partners Inc. has partnered with RREEF Alternative Investments to acquire a 54.5-acre land parcel in Long Beach for the first two phases of development at Douglas Park, a 261-acre master-planned mixed-use project. Plans for the entire project comprise 4 million square feet of commercial space, including office, retail, industrial and hospitality, as well as 9.9 acres of parks. Valued at $350 million at final build out, the first two phases will encompass approximately 1 million square feet of commercial space. The first phase consists of a 165,000-square-foot office portion offering nine buildings ranging in size from 7,200 to 40,000 square feet, and a 245,000-square-foot industrial component consisting of 12 one-story buildings ranging in size from 6,140 to 32,258 square feet. The second phase will include an up to 500,000-square-foot office portion with 20 buildings ranging in size from 12,000 to 120,000 square feet, and a 200-room hotel property with 24,000 square feet of retail space. Completion for the first phase is slated for May 2009; construction on the second phase started in July 2008.