Former Boeing Plant SiteDevelopment

August 11, 2010

Long Beach, CA – Newcastle Partners, Inc. – a San Francisco-based developer of industrial, office and business park properties in California – and RREEF Alternative Investments announced they have jointly acquired 54.5 acres of land at the former Boeing aircraft manufacturing site in Long Beach, CA, for the first two phases of development at Douglas Park. The site is a significant portion of Douglas Park, which will consist of 261 acres upon completion.

Plans for the entire project include 4 million square feet of commercial space including office, industrial, retail, and hotels along with 9.9 acres of parks. Valued at an estimated $350 million upon final build-out, Phases I and II will total approximately 1 million square feet in a master-planned, mixed-use business environment located West of Lakewood Boulevard and adjacent to the Long Beach Airport and the 405 Freeway.

         
 

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