Deutsche Bank’s RREEF Alternative Investments and San Francisco-based real estate developer and investor Newcastle Partners have acquired 54 acres of land in California on which the duo is building a $350 million (€228 million) mixed-use business park.
The development, already under construction, is located on the former site of the Boeing aircraft manufacturing plant in Long Beach, California. When completed, the project will comprise four million square feet of commercial space including a mix of office, industrial, retail and hotel space, as well as 9.9 acres of parks, according to Long Beach media reports.
The joint venture will develop the project, located at Douglas Park adjacent to the Long Beach Airport, in two phases with the first phase – office and industrial property – expected to be completed in May. Phase one will comprise nine office buildings ranging from 7,200 to 40,000 square feet with the industrial portion spread across 12 one-story buildings ranging from 6,000 to 32,000 square feet.
The project’s second phase will see the development of 20 office buildings, ranging from 12,000 square feet to 120,000 square feet as well as construction of a 200-room hotel with 24,000 square feet of retail space.
Boeing is retaining the remaining acres in Douglas Park, estimated to be 260 acres.