Mission 71’s Final Frontier

Real Estate Bisnow

July 23, 2014

San Gabriel Valley’s market demand is on the upswing, and that’s why Long Beach-based Seventh Street Development is prepping to launch construction of the fourth and final phase of Mission 71 Business Park, its 91-acre industrial complex in Pomona.

Craig Furniss Seventh Street Development's Office.

Craig Furniss Seventh Street Development’s Office.

 

 

 

 

 

 

 

 

 

Yesterday, we chatted with principal Craig Furniss, who points to the Valley’s robust demand from growing entrepreneurs and manufacturers. He’s also seeing a trend where users are putting corporate HQs into these industrial facilities, achieving a much lower cost/SF than renting office space. Like Kittrich Corp, which bought a 250k SF building at the end of ’13 and added a 30k SF corporate office. The park’s a prime site at the intersection of four major SoCal freeways: 10, 57, 60, and 71.

Mission 71 West

Mission 71 West

 

 

 

 

 

 

 

 

 

Phase 4, called Mission 71 West (above) is four state-of-the-art buildings totaling 500k SF, one already in escrow to a sign company. Seventh Street’s just wrapping up on Phase 3, which totals 463k SF. All four buildings were committed before completion, with Unipac/Continental Shipping, a 3PL, slated to close a 120k SF building Aug. 5. Craig says the buildings were marketed for either sale or lease, but strong interest in ownership and lack of product resulted in all 15 buildings completed to date being sold.

Craig Furniss and Brothers

Craig Furniss and Brothers

 

 

 

 

 

 

 

 

 

A hatless Craig just returned from a four-day backpacking trip with some buddies in the High Sierras. With completion of Phase 3, the business park has brought 15 new businesses to the east San Gabriel Valley ranging from housewares manufacturers to distributors of fine china and pumps and boilers, to a company that sells tools over the Internet. Seventh Street bought the Mission West site, a former General Dynamics plant, unentitled in March ’06; Craig estimates the land is worth 2.5 times as much today.

Craig Furniss goes fishing

Craig Furniss goes fishing

 

 

 

 

 

 

 

 

 

The avid outdoorsman shows off his fly fishing form at Cora Lakes just south of Yosemite. Fun fact: Seventh Street built Huy Fong Foods’ Sriracha factory in Irwindale, which made national news last year over complaints about alleged chili-spiked odors. The City Council’s recent decision to drop a public nuisance declaration and lawsuit against the hot sauce maker ended the matter, but Craig says he was baffled by the issue, noting Huy Fong installed its own proprietary processing equipment and operated in Rosemead without complaints for 30 years. He encourages interested folks to “go to the plant and cialisfrance24.com smell around.”

Link: BisNow Article

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Posted July 29, 2014 by jcowan in News

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