An El Segundo firm is acquiring more than 12 acres of land in Temecula for the development of a $32 million office complex.
Pacific Coast Capital Partners, in joint venture with Newport Beach-based developer The PRES Companies, plans to build 187,250 square feet of small office and industrial buildings along Via Industria on the west side of Temecula. The buildings will vary from 3,000 square feet to 25,000 square feet and will be marketed for sale rather than lease.
Construction is expected to start in the middle of next year and be completed in early 2006.
Pacific Coast Capital and The PRES have committed $6 million in financing, according to a statement released Wednesday.
William Lindsay, a founding partner of Pacific Coast Capital, said in a statement that the project should succeed because commercial development in Temecula has not kept up with population growth. It also will be attractive to employers who want to accommodate workers wishing to work nearer their homes, he said.
The two parcels in the 12.4-acre property are part of the Westside Business Center, a 373-acre business park. One 6.2-acre parcel on the eastern edge of the park is slated to include 86,500 square feet of office space. Behind it is another 6.2-acre piece of property that will be devoted to 100,750 square feet of industrial and office uses.
The project would bring an office component to an area that is primarily industrial, one broker said. The area offers nice views but not a lot of amenities, such as restaurants, that office occupants typically want, said Mary Piper, a vice-president in the Temecula office of Lee & Associates, a commercial real estate brokerage.
"This is definitely future thinking," Piper said.
The project could benefit from a high demand for offices in the Temecula Valley.
"There is a strong demand for office space," she said. "We are seeing a lot of activity from San Diego and Orange counties."
Pacific Coast and The PRES Companies previously developed the PRES Corporate Center, a 16-acre, $32 million business park in Santa Ana.