Long Beach-based Seventh Street Development is extending its push into Pomona.The company, which is wrapping up the first phase of construction of its 14-building Mission-71 Business Park, is planning a second industrial development across the street at 2205 West Mt. Vernon Ave.The new project, five buildings totaling 408,000 square feet, will be built in partnership with Genesis Real Estate Fund II on the site of a Blue Heron Paper Co. paper mill, which Seventh Street purchased last month for an undisclosed sum.The paper company shut down the mill in the spring and will handle the demolition of the facility, said Craig Furniss, principal at Seventh Street. The demolition should be wrapped up by November 2008, with construction of the industrial buildings starting soon thereafter.Furniss said Pomona meets the criteria that his firm has established when choosing locations for its sites.
"We look to develop in areas with low to moderate income where there is job creation possibility." Buildings will be offered for sale or lease depending on the offers project brokerage CB Richard Ellis Group Inc. receives. Lynn Knox of CB Richard Ellis said the property is being marketed toward "owner-users.""They will build it spec if we can't find built-to-suit owners," said Knox, noting the area has a tight supply of desirable industrial properties.The vacancy rate for industrial space in the San Gabriel Valley was 1.9 percent in the third quarter, according to Grubb & Ellis Co. The average asking rent for industrial space was $0.53 per square foot per month.The nearly 20-acre property, near the intersection of the Chino Valley (71) Freeway and Mission Boulevard, should be a good fit for food-processing companies. Any occupant would be permitted to discharge up to 14,000 gallons of industrial waste per day."There are several food companies in the City of Industry and surrounding areas that are looking to expand. I think we will find (a buyer or buyers) before we move forward on the site plan," said Knox. "It's really difficult to find sites such as this.