Fifty-four acres of land have sold in Santa Clarita for the development The Center at Needham Ranch, according to one of the buyers, Trammell Crow Co. of Dallas. The acquisition price was not disclosed.
The developer, in partnership with Clarion Partners, bought the property to develop a business park at the site in two phases. The Center at Needham Ranch sits within 132 acres that are entitled for the development of up to more than 4 million square feet of industrial space.
The partnership’s first phase of seven industrial buildings totaling nearly 870,000 square feet is expected to break ground this month and finish in the third quarter of 2018, according to Trammell Crow.
The buildings will range in size from 34,300 square feet to 210,560 square feet and feature ceilings with 30- to 36-foot clear heights with high-density fire sprinklers, dock high loading and large truck courts and yard areas.
John Balestra, senior vice president with Trammell Crowe’s Southern California – Los Angeles business unit, said in a statement that Santa Clarita city offered a strategic location for manufacturing and distribution and business-friendly incentives.
“There are many advantages to businesses operating in the city of Santa Clarita, including a lower cost of doing business, a tax incentive credit program, film and television production credits, and research and development tax credits,” Balestra added. The developer is a subsidiary of CBRE Group Inc. in Los Angeles.
Craig Peters and Doug Sonderegger of CBRE Group Inc. are leasing the property.
Phase 2 plans are underway to include additional speculative industrial space and build-to-suit sites for industrial, office and research and development facilities up to 400,000 square feet.