New Industrial Park Breaks Ground In San Bernardino

FOR IMMEDIATE RELEASE

Ten Free Standing Industrial Buildings and Two Business Condominium Buildings to be Constructed Totaling 191,009 Square feet

San Bernardino, CA (November 29, 2006) – Lee & Associates – Riverside and NAI Capital – Newport Beach announced today they will handle the sales and leasing of ten new free standing industrial buildings and two business condominium buildings totaling 191,009 square feet in San Bernardino that broke ground last week.  Under development by Long Beach-based Seventh Street Development, the buildings are part of the new Waterman Business Center, being built on land the company acquired in the Fall of 2005, which is located on the East side of Waterman Avenue, just South of the 10 Freeway.  Lee & Associates’ industrial agents Herrick Johnson and Alexey Zabolotskikh and NAI Capital’s office agent John Bosko are representing Seventh Street Development in the marketing of the project.

The ten free standing buildings can accommodate requirements from 9,543 to 29,057 square feet and the business condominiums will give users an opportunity to occupy units from 2,068 to 10,464 square feet. The anticipated delivery date is the 3rd Quarter of 2007.  The project will offer a high-image business park environment and great access to the 10 and 215 Freeways as well as the plentiful amenities of nearby Hospitality Lane. The free standing buildings will be on fee simple parcels with ample parking and will allow future owners the ability to gate their yards.  With their attractive stacked stone entries and high-end office finishes, Waterman Business Center will offer the highest quality buildings of this kind in the marketplace.

“The Inland Empire East Valley has continued to show strong activity in the “For Sale” smaller building product type.  Although several new projects have come on line in the last twelve months, demand and absorption have remained strong.  Seventh Street’s Waterman Business Center is well positioned to take advantage of these market conditions due to the range of sizes down to 2000 square feet as well as the opportunity for fee simple ownership.  We see no signs of this market trend changing in the next 12 – 18 months,” said Johnson of the marketing team.

The business park, Waterman Business Center, is Seventh Street Development’s first project in the city of San Bernardino.  Fullmer Companies is the General Contractor.  Ware Malcolm is the architect and Plotnik & Associates is the Civil Engineer for the project.  JP Morgan Chase is providing the construction financing.

About Seventh Street Development:

Headquartered in Long Beach, Seventh Street Development is a privately-held commercial real estate development firm specializing in Southern California industrial, retail and mixed-use commercial projects.  Founded in 2003 by Craig Furniss and Doug Hinchliffe, Seventh Street Development offers a unique mix of institutional financial strength and discipline coupled with implementation by local entrepreneurs.  Seventh Street has a reputation for personal integrity, and fast action.  Seventh Street is actively acquiring development opportunities in Southern California.  For more information, visit www.7thStreetDevelopment.com.

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Posted November 29, 2006 by jcowan in News