Pomona Paper Mill to Be Redeveloped into Industrial Park

The site of a former paper mill in Pomona will soon be home to a new five-building, 408k sf industrial park to be called the Valley-71 Business Park. The project, a development of Long Beach-based Seventh Street Development, in partnership with the Genesis Real Estate Fund II, is expected to break ground in early 2008 with the demolition of the existing mill, with construction to kick-off before year-end.

The project is on land located near the high-profile intersection of the 71, 57 and 10 freeways and will feature buildings that range in size from 25k sf to 205k sf, to be made available for sale or lease in the third quarter of 2009. Due to its prior use, the site includes significant sewer credits and utility capacities combined with rail service which are ideal for manufacturers such as food processors. In addition to featuring 1,500 lineal feet of freeway frontage along the 71 Expressway at Valley Blvd, the project will offer ample parking and yard areas, dock-high loading positions, two-story office space and freeway signage.

Prior to the beginning of planned construction, Seventh Street Development will offer build-to-suit opportunities up to 400k sf. Valley 71-Business Park is the second major project in the city of Pomona to be developed by Seventh Street Development and the Genesis Real Estate II Fund. Wells Fargo Bank provided the land acquisition financing, while CB Richard Ellis industrial market experts Lynn Knox, Barbara Emmons, Garrett Carter and Darla Longo are representing Seventh Street Development in the marketing of the buildings.

Seventh Street Development is a privately held real estate development company, led by principals Craig Furniss and Doug Hinchliffe, which is named after the historic Seventh Street Produce Market in Downtown Los Angeles, where the two principals first met. The $104 mil Genesis Real Estate Fund II, managed by Shamrock Capital Advisors Inc, provides gap financing to developers in the form of equity, preferred equity or mezzanine debt on industrial, retail, commercial and mixed-use projects that benefit low or moderate income communities in Southern California.

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source: rentv.com