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3/30/18
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A private investor has purchased Phase I of the Fairway Industrial Park in Lake Elsinore, for $10 mil. The three buildings, totaling 74.8k sf ($134/sf), were sold by Adler Realty Investments Inc, in partnership with Fairway Commercial Partners.
The phase one buildings are situated on approximately five acres at 470, 480 and 490 Third Street in Lake Elsinore. The 18-acre project is expected to be built in three phases.
“This industrial development meets the growing need in Riverside County for quality industrial product in a very supply restrained market.” added Rod Oshita, President of Fairway Commercial Partners. “The industrial park benefits from a central Inland Empire location with easy access to the Interstate 15 freeway.”
Phase II of the development is anticipated to break ground in Q2 of 2018 and will consist of six buildings varying in size from 8k sf to 18k sf. Larry Null and Charlie Black of Lee & Associates represented the seller and buyer in the transaction, and will be marketing the future phases.
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