Newcastle Adding to Inland Empire’s Industrial Inventory
- Mar 16, 2017
Riverside and Chino, Calif.—Newcastle Partners began construction at two new industrial facilities in the Inland Empire. The company is adding assets in the cities of Riverside and Chino, two of the best performing industrial submarkets in Riverside and San Bernardino counties. The two new properties will add about 570,000 square feet of space to the market’s inventory and the combined full build-out value is estimated at $48.3 million.
The larger of the two facilities is taking shape on a 27-acre site at 22000 Opportunity Way in Riverside, Calif. Known as Meridian Distribution Center II, the asset will offer a total of 503,500 square feet of industrial space upon completion in summer 2017. The Class A industrial property will feature 88 dock high doors, two ground-level doors, 150 trailer parking stalls, and 217 car parking spaces. Marketing and leasing duties for Meridian Distribution Center II are being handled by Cushman & Wakefield Ontario representatives Phil Lombardo, Chuck Belden and Andrew Starnes.
Located at 5490 Schaefer Ave. in Chino, Calif., the second facility will offer 71,000 square feet of industrial space. The state-of-the-art concrete tilt-up, high cube warehouse/distribution building also offers proximity to the 71 and 60 freeways. Marketing and leasing duties at the new facility will be carried out by Patrick Bogan and Steve Coulter of Lee and Associates.
“Newcastle Partners continues to see opportunity to help satisfy the strong demand by industrial users for quality facilities in the Inland Empire,” said Jackson Smith, partner with Newcastle Partners, in prepared remarks. “The region is one of the top for job growth in the nation and much of that is fueled by manufacturing, logistics and warehouse/distribution activity. We see the industrial market continuing on its upward trajectory over the coming years, especially due to e-commerce.”
Rendering courtesy of Newcastle Partners