Hillwood Investment Properties, a full service commercial real estate developer, investor and advisor created in 1998 under the Hillwood Development Company as a vehicle to develop and acquire industrial properties outside of AllianceTexas, broke ground this week on the Gateway South Building 3 in San Bernardino, CA. The 1.1-million-square-foot industrial building, scheduled for delivery by the end of the year, is an extension of the 14-million-square-foot AllianceCalifornia industrial park.
"We feel very good about getting a building of this size up. We have done several buildings of this size over the years, and have leased them," John Magness, SVP at Hillwood Investment Properties, told GlobeSt.com. "Usually about mid-way through construction we will find a tenant. This building has all of the amenities that a tenant would want, like extra truck parking, extra car parking, truck circulation around the building and a 36-foot clear, which is the trend in the larger industrial building. We just started grading last week, so we are about nine months away from end of the year delivery of the building, hopefully with a tenant, but if not, we will work on the lease-up even after construction."
Hillwood still has 60 acres left to develop at the park, but it is also busy purchasing adjacent land to continue expanding—as is the case with Gateway South Building 3. Magness thanks the city for their ability to complete these massive industrial developments. "It is hard to get buildings built in California, but this is a very pro-business city," he says. "The project is part of the success story of San Bernardino, and that is because, despite their bankruptcy, the city has continued to process buildings and get things done."
Hillwood secured a construction loan through PCCP for the development process. HFF associate directors Cullen Aderhold and Brian Torp, senior managing director Trey Morsbach and real estate analyst Carson Dennis secured the undisclosed funds on behalf of Hillwood.
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