HG Capital, LLC has formed a joint venture with Focus Real Estate LP to acquire 4.35 acres in Waterman Place business park, San Bernardino, CA, for development and eventual sale of 76,000 s.f. of industrial space.
Menlo Park, CA (PRWEB via PR Web
Direct) June 28, 2005 -- HG Capital, LLC (HG) announces a joint venture
investment with Focus Real Estate LP, for the acquisition of 4.35 acres of land
on three parcels within the Waterman Place business park in San Bernardino, CA.
The project will consist of the development and eventual sale to owner-users of
seven individual industrial buildings all ranging in size from 8,500 square feet
to 14,500 square feet for a total project of 76,000 square feet. HG Capital
invested approximately $1.4m of equity in the project and closed on the land
with a construction loan from Alliance Bank.
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 the region. The project's strong infill location within the established Waterman Place business park, the demand for owner-user facilities, and Focus Real Estate's development expertise in the region make this an exciting investment for HG.
Herrick Johnson of Lee & Associates in Riverside, California (www.lee-associates.com/riverside) is the leasing and sales broker 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 Focus Real Estate LP
Focus Real Estate LP, (www.focusrelp.com) founded in April 2000, is headed by longtime real estate executive Richard Ortwein. The company's primary focus is in working with corporate users, landowners and institutional investors to identify, acquire and oversee all aspects of development and construction activity. Uniquely qualified to service the ever-changing needs of owners and tenants, Focus Real Estate was launched to provide its clients not only with talented management advice, but also with the benefit of more than 25 years of experience covering all aspects of commercial and residential real estate development. Given this depth of experience, Focus Real Estate's management team is well positioned to assist clients acquire and entitle land for construction as well as arrange financing and oversee construction activities, in all phases of the development process.
HG Capital, LLC
(650) 322-3400 ext. 202
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Source : http://www.prweb.com/releases/2005/6/prweb255836.htm