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Joint Venture Acquires 31 Acres in Long Beach, CA
HG Capital invested in its seventh joint venture with Newcastle Partners. The latest partnership invested with CalSMART, a joint venture by CalPERS and RREEF, in the development of approximately 31 acres of commercial land adjacent to the Long Beach Airport in Long Beach, CA.
The LEED certified development, which will include up to 350,000 square feet of office and a hotel site, is the second phase of a master planned redevelopment effort that will ultimately include up to 3.1 million square feet of commercial space and a 400 room hotel. Located midway between LAX and John Wayne Airpo rt, and within approximately one mile of the 405 freeway, the project offers a unique opportunity for national and international tenants to locate adjacent to this vibrant transportation hub.
The first building, a build to suit for a national credit tenant is scheduled to begin construction in 2009.
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