With the opening of State Route 56, which connects Interstate 5 with the I-15 Corridor in San Diego, a new Class-A office market is emerging. “Driving the immediate popularity of this new submarket are three simple factors: location, location, location,” says Burnham Real Estate Senior Vice President Dan Runyon. Two projects are planned in the corridor. PLAZA 56 is a 680,000 sq. ft. office campus to be built by Sea Breeze Properties, and Santa Fe Summit is a 480,000 sq. ft. campus planned by Kilroy Realty.
HOME DEPOT is the latest in a long list of major companies to lease space at Hillwood's AllianceTexas industrial park. Home Depot signed on for the 450,000 sq. ft. Gateway 53 building in the Roanoke section of the park. Since 2002, Coca-Cola, Radio Shack and Philips Electronics also have either leased or purchased land to build space in the development.
CREEKSTONE PARTNERS, a division of Creekstone Cos. created earlier this year to acquire and manage multifamily assets, has bought four Class-A properties valued at $110 million with a total of 1,306 units. One is located in Parker, Colo., and three in Atlanta. Creekstone Partners plans to acquire 15 to 20 properties in 2004, valued up to $500 million.