Shea Breaks Ground on Major Projects in Roseville, Pasadena

ALISO VIEJO—The Wentz Group has broken ground on a major project in Roseville for Aliso Viejo-based developer Shea Properties.

The San Carlos-based general contractor began construction last month on the first phase of the $120 million, 600,000-sq.-ft. Shea Center Roseville, the developer’s first office project in the Sacramento area. The Class A office campus will consist of 10 buildings.

The first phase of the $120 million, 600,000-sq.-ft. Shea Center Roseville will consist of 10 Class A buildings. The 36.5-acre campus fronts Highway 65 and adjoins the Galleria at Roseville mall via walking paths.

Shea Center Roseville is planned as a 36.5-acre campus-style workplace that adjoins the popular Galleria at Roseville mall via walking paths. It fronts Highway 65, a burgeoning business corridor.

Construction work on Phase 1, a two-story, 55,000-sq.-ft. building, is expected to be complete by the end of the year. Successive phases are planned to begin as market demand and expansion needs dictate.

“Demand, lack of available office space and an increasingly tightening land supply are driving office development in the Roseville market. All of which propelled us to move forward with our first commercial office project in the Sacramento area,” said Bob Burke, senior vice president of Shea Properties’ Northern California operations.

Burke said that Shea’s Roseville project is the only office project in the area’s current development pipeline that is capable of accommodating a large corporate space user requiring more than 100,000 sq. ft.

The two- and three-story office buildings are clustered in a campus-style work environment. The buildings, which range in size from 50,000 sq. ft. to 90,000 sq. ft., feature design details such as corner glass, articulated elevations, outdoor plazas and high quality lobby finishes. The first building can accommodate tenants ranging in size from 2,500 sq. ft. to 55,000 sq. ft.

When the entire project is complete, onsite amenities available to all tenants will include a conference facility, an exercise room with showers, outside perimeter walking paths and outdoor gathering areas for dining or small meetings.

In Southern California, general contractor Wermer’s Multifamily Corp. of San Diego has started foundation work on Trio in Pasadena. It is a $70 million, mixed-use project consisting of 304 apartments, street-level retail space and underground parking garage. The property comprises an entire city block on 3.8 acres.

“The building is designed to harmonize with the character of this historic community,” said Bill Gaboury, president of Shea Properties.

Trio is a mixed-use residential and retail community co-developed by Shea Properties and Capital and Counties U.S.A. Inc. Shea is committing capital investment, entitlement, development oversight, leasing and management of the project. Capital & Counties U.S.A. is providing land rights and capital investment for the project.

Exterior designs of the project are set to mirror the character of the surrounding community—a fusion of urban, contemporary and traditional Spanish design.

Irvine-based Thomas P. Cox Architects is responsible for the design of Trio.

“We expect construction of Trio to be completed during the third quarter of 2005, with a limited selection of apartments slated for occupancy late in the second quarter of that year,” Gaboury said. “New construction is actually the second phase of activity at the site, which initially involved razing of the existing, non-performing structures. Now that the site is fully prepared, retaining some existing ‘historic’ structure in tandem with the new construction, we are moving forward with the development.”

While designing Trio, the development team dedicated special attention to revitalizing two historic structures: the eight-story First Trust Bank building, which will remain a multi-tenant office location, and the raised parking garage, designated as an historic landmark in 1994 for its contributions to Pasadena’s Playhouse District.

Simeon Closes on 23-acre Retail Development

SAN FRANCISCO—Simeon Commercial Properties, in partnership with Denver and Raleigh-based Cherokee Investment Partners, has completed a $15 million purchase of the 23-acre Metroport Development Project from the Port of Oakland.

The property is situated on the northwest corner of Interstate 880 and Hegenberger Road in Oakland.

The planned 275,000-sq.-ft. build-out will be comprised primarily of shops, restaurants and regional retailers. Site plans should be completed by the end of this month; construction is scheduled to begin at the end of the year.

Russell Pitto, president and CEO of Simeon, said letters of intent are currently under negotiation with several key prospective tenants.

“The current economic picture has caused us to adjust the scope of this project since we announced our original plan in 2000,” Pitto said. “Quite frankly, we have allowed the market to dictate the direction and right now retail development looks like it will be a top priority for Oakland.”

Simeon Commercial Properties is a full-service real estate firm that develops and acquires office, tech, R&D and mixed-use properties in in-fill locations throughout the San Francisco Bay Area.

Cherokee Investment Partners is a real estate, private-equity fund that acquires environmentally impaired assets, or brownfields, and protects sellers from the associated risks and liabilities.