Pomona Development

Los Angeles Business Journal

May 6, 2013

As Los Angeles County’s industrial market continues to boom, Long Beach company Seventh Street Development has started construction on a Pomona warehouse that would be the largest built in the San Gabriel Valley in the last three years.

The $10 million, 245,000-square-foot warehouse and manufacturing building, at 1585 Mission Blvd., is expected to be completed by the end of the year, according to Seventh Street Principal Craig Furniss.

The company had planned to build without a committed tenant, but Kittrich Corp., a major manufacturer of home products, agreed to buy before construction even began. Prices were not disclosed but the asking rate was $97 a square foot. Kittrich plans to move its corporate offices and about 200 jobs from La Mirada to the new facility when construction is completed.

The building is part of the 1.5 million-square-foot Mission 71 Business Park, formerly entitled as a site for defense contractor General Dynamics, at Mission Boulevard near the interchange with State Route 71.

It is the largest industrial building to go up in the region since Seventh Street built a 655,000-square-foot facility in Irwindale for Huy Fong Foods Inc. in 2010.

The developer purchased most of the land in the Pomona business park in 2006, when a 750,000-square-foot warehouse and 40,000-square-foot storage facility were the only two buildings on the property. Seventh Street developed 11 smaller warehouse buildings on the property by 2011, all of which have been sold or leased.

The new building will feature 26,000 square feet of office space, skylights, docks, and a concrete truck yard.

Seventh Street is planning to begin the final phase of development on the business park with three new buildings, ranging from 42,000 to 114,000 square feet, also for sale or lease.

The industrial market is booming across Los Angeles, The county, which is among the hottest industrial markets in the country given its proximity to the ports of Los Angeles viagra prix canadien and Long Beach, posted a 4.7 percent vacancy in the first quarter. The industrial vacancy rate in the San Gabriel Valley in the period was 5.6 percent, according to Jones Lang LaSalle Inc.

By: Jacquelyn Ryan

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Posted May 6, 2013 by jcowan in News