21700 BARTON ROAD
Stater Bros. Markets occupies an 800,000 square foot, mixed use property in Colton, California, purchased by Hager Pacific in Fall, 2005. The Property includes freezer and cooler buildings, bakeries, offices and warehouse/distribution facilities. Stater Bros. has been in continuous occupancy at the 50 acre site since the early 1960’s.The project’s varying construction types and building ages provide a challenge to redevelopment.
Additional property challenges include:
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Potential seismic and structural upgrading may be required; |
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Certain office buildings are considered functionally obsolete; |
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Stater Bros is constructing a new headquarters and distribution facility and will likely be leaving the property in 2008 upon its completion.
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HPP was able to purchase the property through its ability to simultaneously underwrite different product types and to do so rapidly without financing or equity contingencies.
Hager Pacific is developing a new site plan for submittal to the City which will include the demolition of two office buildings reducing project area by approximately 50,000 square feet. By demolishing these buildings, project coverages will be reduced and parking ratios will be preserved. This will allow better auto and truck circulation through the site and should create several parcels of unimproved land for future development.
As a result of these repositioning efforts, the Property should transition to the next generation of warehouse and freezer use at higher rents with better site functionality.
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