Using a creative acquisition structure, Turner Real Estate Investments acquired 39 acres of industrial zoned land in Chino Hills in September 2015. Seeing the need for quality multi-family housing, TREI worked with the City of Chino Hills to re-entitle 17 acres for the development of 346 units of high amenity product. The land was subsequently sold to a multi-family developer/builder.
The balance of the land is being developed by TREI into a 3 building project, consisting of one 95,000 single tenant building, one 105,000 and one 120,000 square foot dock high, multi-tenant product for lease. These will be delivered in March 2017. The 95,000 square foot single tenant building has already been sold at a market high of $131/SF, and active pre-leasing is occurring.