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9/15/14
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Newcastle Partners Inc has acquired 13 acres of land for industrial development in the city of Riverside. The site is located on Opportunity Way within Meridian Business Park, a 1,290-acre master-planned commerce center. With this latest acquisition, Newcastle Partners’ development activity within the park now totals 1.37 msf on 66 acres of land.
Newcastle plans to develop a new speculative industrial distribution facility totaling 260k sf at the site. Construction is anticipated to begin late this year with completion expected in the fall of 2015. Planned building features include: 32' clear height, ESFR sprinkler system and a cross-dock design that includes up to 185' truck courts. Upon completion, the value of the facility is estimated to be approximately $20 mil.
This is the third phase of activity for Newcastle within Meridian Distribution Center, a major industrial property development within Meridian Business Park. At the end of 2013, construction of Phase 1 was completed which included a 600k sf, Class A distribution building. The firm recently finalized plans for Phase 2, a 510k sf Class A distribution building.
“The Inland Empire continues to set records for industrial absorption. The impact of e-commerce and increasing Port of Los Angeles traffic are some of the drivers pushing major corporations to continue aggressive expansion into the region. This ongoing level of activity is driving our focus on speculative development as the market doesn’t seem to have enough space to meet demand,” said Jackson Smith, who heads Southern California operations for San Francisco-based Newcastle Partners. “We’ve already had great interest in Meridian Distribution Center as the region provides all the strategic advantages that corporate users want today.”
Similar to the first two phases, this site offers excellent visibility and access to Interstate 215 providing strategic proximity to the greater Southern California region, air and rail hubs, and the ports of Los Angeles and Long Beach.
Phil Lombardo and Chuck Belden with Cushman & Wakefield represented Newcastle on the land acquisition, as well as the seller of the land, LNR Riverside Holdings LLC. Lombardo and Beldon are also responsible for leasing of the facility in addition to Newcastle’s Phases 1 and 2 at Meridian Distribution Center.
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