Fairway Commercial Plans $35M Business Park in Lake Elsinore

Fairway Commercial Partners of Manhattan Beach, CA plans to develop a 20-building, $35 million project called Fairway Business Park that will comprise 280,000 sf of warehouse, light industrial and office space at an 18-acre site on Pasadena Street between Third and Chaney streets along the Interstate 15 corridor. Rod K. Oshita, a principal of Fairway Commercial, tells GlobeSt.com that the company is securing final entitlements for the project, which has already been approved by the Lake Elsinore City Council, and hopes to begin construction within the next 60 days.

Fairway is developing the project in partnership with Adler Realty Investments of Woodland Hills, CA. Phase one of the business park will comprise nine buildings: three dock-high structures from 20,000 sf to 31,000 sf, four buildings from 8,000 sf to 10,000 sf with approved outdoor storage and two multi-tenant buildings divisible down to 1,500 sf.

“What we’ve really seen in this burgeoning I-15/Highway Route 74 area is a void in both larger buildings and smaller multi-tenant facilities," Oshita says. "This has created a dearth of options for business people, so we’re providing a blend of product types to fill that void--plus the opportunity for office uses in the park’s second phase.” Oshita notes that the rapid growth of Çorona on the north and Temecula to the south has dried up much of the available land for new business park development, with Lake Elsinore emerging as a strong option.

Designed by Andy Kjelberg of McArdle & Associates of Carlsbad, CA, Fairway Business Park will feature concrete tilt-up construction and will be generously landscaped, with on-site parking for 650 cars. Fairway Commercial will provide management for the construction and sales of the business park, which will be less than one mile from a new commercial hub at Central Avenue that includes more than one million sf of new retail space in stores like Home Depot, Lowe’s, Costco, Staples, Pet Smart, PetCo, Target and Bed, Bath and Beyond.

Fairway acquires, develops, and invests in office, industrial, and retail properties throughout Southern California. Over the past five years the company has developed or sold more than 6.5 million sf of land. Adler Realty Investments Inc. is a real estate investment and development firm with more than $300 million in assets currently under ownership and management. Its real estate portfolio consists of more than two million sf of office, retail, industrial and multifamily residential properties in California, Arizona, Colorado and Texas.