HG Capital, LLC Announces Joint Venture to Develop Inland Empire Industrial Space
HG Capital, LLC and developer Newcastle Partners, in their sixth joint venture, acquire 7.75 acres for development and eventual sale of six industrial buildings in Colton, CA.
Menlo Park, CA (PRWEB) June 24, 2005 -- HG Capital, LLC (HG) is pleased to announce its sixth joint venture investment with Newcastle Partners, investing in an industrial development in Colton, CA. The project consists of the acquisition and development of 7.75 acres of land, and the eventual sale of six industrial buildings ranging in size from 10,000 square feet to 40,000 square feet for a total project of 135,000 square feet. HG Capital invested approximately $3.0m of equity in the project and closed all-cash on the land.
The substantial growth in the Inland Empire industrial sector, driven in large part by the increase in overseas imports, has generated strong demand for owner-user assembly, manufacturing, and distribution centers. In addition, the city of Colton is unique in the region in that it provides municipal power to its inhabitants, producing a utility cost savings of approximately 40% compared to the Southern California Edison services provided to neighboring communities. Given the project's attractive land cost basis, the favorable utility cost structure, the experienced project sponsor, and the strong market, the project will offer an excellent value proposition to owner-users.
Jeff Smith, Greg Martin and Jeff Ruscigno of Lee & Associates in Ontario, California (www.lee-assoc.com) are the leasing and sales brokers for the project.
About HG Capital, LLC
HG Capital, LLC (HG) (www.hgre.com) 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 1994. 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) (www.newcastlepartners.com) 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.
Contact:
Greg Alden
HG Capital, LLC
(650) 322-3400 ext. 202
# # #
Bookmark -
Del.icio.us |
Digg |
Furl It |
Spurl |
RawSugar |
Simpy |
Shadows |
Blink It |
My Web
|
