A joint venture of Snyder Langston and The Operon Group has snatched up a parcel of land in Fullerton for a proposed industrial park.
The developers plan to build three buildings on 10.88 acres at the southwest corner of Gilbert and Moore avenues, according to Clyde Stauff, senior vice president and manager of Colliers Seeley International’s North Orange County operations. Stauff and Mike Condon of Colliers Seeley are marketing the property.
The developers have divided the speculative park into sites for three standalone buildings. The buildings are set to be concrete tilt-ups and range from 53,216 square feet to 89,315 square feet. They’ll have 24- to 30-foot ceiling clearances.
“The buildings are being developed for warehouse and distribution as well manufacturing use,” Stauff said.
Snyder Langston Operon Group bought the former aerospace land from Raytheon Co. for $2.9 million. Estimates put the development of the industrial park at $16.6 million.
Although rents in Orange County remain high for industrial space,driving much of that segment to the Inland Empire,the developers believe they’ll be able to attract tenants to the proposed buildings due to their amenities and location, according to brokers.
Despite signs of slowing in the industrial market, OC has seen a flurry of activity of late, with projects under way in Fullerton, Anaheim and Brea. Industry analysts predict the activity will slow as developers cherry pick the last available plots in North County.
Irvine-based Snyder Langston billed $150 million in contracts in 2000 and counts Lakeshore Towers Phase III and Rancho Santa Margarita Marketplace among its notable OC projects.
The Fullerton Moore Business Park is part of a strategy by Snyder Langston and Newport Beach-based Operon Group to find, buy and develop in-fill industrial sites in OC.
Snyder Langston Operon Group plans to develop and act as general contractor for the Fullerton project. Irvine-based Ware & Malcomb is the project’s architect. Groundbreaking is scheduled for this month, with completion due by year’s end. The developers are looking to lease or sell the three buildings.
