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10/08/20
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Newcastle Partners is readying to start speculative construction of three new industrial facilities in the Inland Empire totaling 824.3k sf of state-of-the-art space. The new construction follows completion of 479.9k sf of industrial product delivered to the market by Newcastle.
“We’ve witnessed very strong absorption in the Inland Empire due to the unprecedented increase in e-commerce based upon the global pandemic. New industrial product remains in high demand by major e-commerce firms that need to locate or expand in the heart of the Southern California supply chain. These state-of-the-art industrial facilities will help meet that demand,” said Dennis Higgs, managing partner, Newcastle Partners.
The projects slated to break ground include:
• A 190k sf warehouse distribution facility, Redlands Commerce Center, being developed in a venture with Sun Life in the city of Redlands. Construction costs are estimated at $20.1 mil for the spec industrial facility. Completion is set for mid-October. The land was acquired by Newcastle in April of 2016.
• In a joint venture with Rockefeller Group Development Corp, Newcastle will develop a 345k sf industrial warehouse and distribution center. Construction is set to begin in fourth quarter 2020 on the facility located on 16.86 acres of land at Harvill Ave in Riverside County with completion set for late third quarter 2021.
• Newcastle will start construction on 12.97 acres of land located at the northwest corner of Cajalco Rd and Harvill Ave in Riverside County,which will also be in a venture with Rockefeller Group Development Corp. Val Verde Distribution Center is a 289.3k sf industrial warehouse distribution center. Construction is set to begin fourth quarter of 2020 with completion set for Q3 2021.
Newcastle recently completed:
• Centerpointe Commerce Center, a 203.9k sf speculative distribution center located on 8.78 acres of industrial land off Frederick St in Moreno Valley. The dock-high industrial building features 32-foot clear ceiling heights, 8k sf of speculative office improvements, 106 auto-parking stalls and 26 trailer-parking stalls.
• A 276k sf distribution center located in Ontario at the intersection of I-15 and 60 freeways. Known as South Milliken Distribution Center, Newcastle built the property in a venture with Sun Life.
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