Menlo Park, CA (PRWEB) January 11, 2005
HG Capital, LLC (HG), in a joint venture with Newcastle Partners, is pleased to announce the construction of approximately 413,000 square feet of new industrial space in Fontana, California. HG Capital invested $5,850,000 of equity in the $20,000,000 development project and closed on the site with all cash in July 2004. The remainder of the projectÂs capitalization came from developer co-investment and a construction loan from Guaranty Bank.
Located in CaliforniaÂs fast growing Inland Empire region, the development is designed to meet the demand for distribution and warehouse space created, in large part, by the continued increase of imported goods from China and the Pacific.
To provide for a range of user profiles, the development comprises three separate buildings, measuring 100,000 square feet, 111,000 square feet, and 201,000 square feet. All three buildings are being built speculatively and are available either for-sale or for-lease.
About HG Capital, LLC
HG Capital, LLC (HG) is a real estate investment group that provides joint venture equity capital to real estate owners and developers for value-added and opportunistic real estate projects in the western United States. HG makes principal investments from its discretionary management of the HG Capital private equity funds. HG manages over $100 million of equity capital and has invested in over $1 billion worth of projects since 1995. With offices in Menlo Park and Newport Beach, California, HG has established a successful track record based upon its highly responsive and entrepreneurial approach to real estate investing.
About Newcastle Partners
Newcastle Partners (Newcastle) is a San Francisco-based developer of quality office and industrial properties in California. The company specializes in the diversified markets of Greater Los Angeles and the San Francisco Bay Area. Newcastle creates significant equity value using the following core areas of expertise: existing renovation and redevelopment, existing project repositioning and re-tenanting, and new development on vacant land. Newcastle currently owns or is developing in partnerships more than $248 million of properties.
HG Capital, LLC
(650) 322-3400 ext. 202
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