260,000-SF Industrial Speculative Development at Meridian Business Park in Riverside, California
Newcastle Partners Sells 260,000-SF Industrial Speculative Development at Meridian Business Park in Riverside, California
Riverside, Ca – Newcastle Partners, Inc., a real estate investment and development company along with its joint venture partner Sun Life Assurance Company of Canada, are pleased to announce the sale of a 260,000-square-foot industrial property which is nearing completion of construction in Riverside, CA. The property is situated on 13 acres of land at 21822 Opportunity Way and is within Meridian Business Park, a 1,290-acre master-planned commerce center. The buyer, Dermody Properties, acquired the asset for an undisclosed sum in an off-market transaction.
The facility features 32′ clear height, ESFR sprinkler system and a cross-dock design that includes up to 185′ truck courts. It also 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.
This is Newcastle’s third and final phase of activity within Meridian Business Park. All told, Newcastle has developed approximately 1.37 million square feet of industrial product on 70 acres of land here since 2012.
“We are pleased to have sold our most recent Class A project to Dermody Properties, an active developer, owner and operator of industrial assets. This sale is further evidence of the amount of capital looking to invest in this thriving submarket,” said Dennis Higgs, Newcastle Partners’ Managing Partner and Founder.
“With very little new development in neighboring counties, logistics companies, manufacturers and fulfillment centers needing large blocks of modern space are looking to the Inland Empire East to satisfy their real estate requirements,” added Jackson Smith, Partner with Newcastle Partners.
Newcastle Partners has developed more than seven million square feet of industrial product in the Inland Empire region over the past seven years and currently has over two million square feet under development or in pre-development stages.
Phil Lombardo and Chuck Beldon of Cushman & Wakefield represented Newcastle Partners in the transaction.
About Newcastle Partners:
Newcastle Partners is a privately held, full-service, commercial real estate investment and development company focusing exclusively in the greater Los Angeles and San Francisco marketplaces. The company is uniquely positioned to execute a variety of strategies to add incremental value, including land entitlement, new construction, and asset repositioning. Founded in 1999, the firm has established itself as an experienced investor/developer with superior risk-adjusted returns on behalf of a deep list of institutional and private investors.
Newcastle has completed the acquisition and/or development of a diversified portfolio of over 50 projects totaling over 15 million square feet, representing a total investment of over $1.1 billion.