[CPEO-IRF] McClellan Business Park (CA)

[Lenny Siegel <lsiegel@cpeo.org>]

Capitalizing on McClellan
Business park's developer looks for partners or buyers.

By Dirk Werkman and Jon Ortiz
Sacramento Bee (CA)
June 22, 2006

After five years of redeveloping McClellan Park, its owners announced 
Tuesday that they are ready to probe a red-hot commercial real estate 
market and find out how much they can capitalize off their investment.

This doesn't necessarily mean the property will be sold, said Larry 
Kelley, president of McClellan Business Park LLC, which owns and 
operates the former Air Force base. He and his partners would consider a 
restructured partnership, an investment or a purchase.

When redevelopment of McClellan began, it was perceived by the 
investment community as an incredibly risky venture, Kelley said, but he 
now has a record that he believes will appeal to institutional investors.

"We've leased almost 5 million square feet of space," Kelley said. 
"We've created a lot of value and now the question is, 'How much?' 
There's a lot of liquidity in the market today, and we just want to 
explore what the market will say."

...

For the entire article, see
http://www.sacbee.com/content/business/story/14270319p-15081157c.html

--
Lenny Siegel
Director, Center for Public Environmental Oversight
c/o PSC, 278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
http://www.cpeo.org

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