City of Pomona and CalTrans Open Mission Boulevard Fly-Over at the 71 Freeway

FOR IMMEDIATE RELEASE

Regional Commuters and Adjacent Mission-71 Business Park will Benefit

POMONA, CA – August 23, 2011

On Thursday August 18, 2011, City of Pomona Mayor Elliott Rothman, surrounded by federal, state and local government representatives, cut the ribbon to open the Mission Boulevard Overpass of the 71 Freeway.   Rothman indicated in his remarks that the $47.6 million overpass project is the largest public works project in the history ofPomona.  The Mission-71 overpass project, which was more than 15 years in the making, will have a major beneficial impact on freeing traffic on both the 71 Freeway and Mission Boulevard.   The Mission Boulevard fly-over of the 71 Freeway eliminates a traffic light on the Freeway which has long frustrated commuters moving between the 10 and 60 Freeways in theSan GabrielValleyto the 91 Freeway.  There will also be a new four-way interchange at Mission Boulevardat the 71 Freeway which will benefit local traffic flow.

 

 

 

 

 

 

 

 

One of the primary beneficiaries of the new overpass is the Mission-71 Business Park which is immediately adjacent to the overpass and four-way interchange. The overpass completion comes just as the developer of the Mission-71 Business Park, Seventh Street Development, begins marketing Phase II of the 462,000 square-foot project.  Phase II will offer 1,500 lineal feet of freeway frontage on the 71 Freeway, just north of the four way interchange at Mission Boulevard.  The developer  has only one of the eleven Phase I buildings remaining, a 38,000 square foot industrial building offered for sale.

The second phase will consist of three separate buildings of 42,000, 51,000 and 120,000 square feet. Each will feature state-of-the-art industrial building design including up to 30-foot clear heights, fenced yards, ESFR sprinkler systems, excess parking, and build-to-suit, two-story office components. The buildings will be offered for sale or lease and can be delivered within 12 months of a commitment.  More information on Mission-71 can be obtained by visiting www.cbre.com\mission-71.

Seventh Street Development completed construction on Phase I of the Mission71-Business Park in late 2007.  Equity financing for both phases at Mission-71 has been provided by the Genesis Real Estate Fund II.

About Seventh Street Development

Seventh StreetDevelopment is a privately held real estate development company. The firm benefits from a unique mix of institutional financial strength and discipline coupled with implementation by hands-on, experienced entrepreneurs. The principals, Craig Furniss and Doug Hinchliffe, have 67 years of broad development experience and are personally engaged in each project. Their financial partners and project team members are among the most respected in the business. Seventh Street prides itself on its reputation for personal integrity, fast action, and creative and flexible transaction structures.

Named after the historic Seventh Street Produce Market in Downtown Los Angeles, where the two principals first met, Seventh Street Development has a well-defined and focused business strategy of developing infill commercial properties withinSouthern California markets.

About Genesis Real Estate Fund II

The $104 million Genesis Real Estate Fund II is managed by Shamrock Capital Advisors, Inc., an affiliate of Shamrock Holdings, the investment arm of the Roy E. Disney family.  The Genesis Real Estate Fund II provides gap financing to developers in the form of equity, preferred equity or mezzanine debt on industrial, retail, commercial and mixed use projects that benefit low or moderate income communities inSouthern California.  Investors in the Genesis Fund include major banks and insurance companies along with a significant co-investment by Shamrock affiliates.

About CB Richard Ellis

CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2009 revenue).  The Company has approximately 29,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 “best in class” company for three years in a row. Please visit our Web site at www.cbre.com.

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