San Francisco, CA (December, 2015) – Newcastle Partners, Inc., a San Francisco-based real estate investment and development company, announces a flurry of activity in the Inland Empire industrial markets of Los Angeles.
Newcastle has acquired 3.6 acres of land located at 5490 Schaefer Avenue in Chino, Calif. for development of a 78,000-square-foot industrial building. Newcastle plans to commence construction in the spring of 2016 with completion at the end of 2016.
Newcastle was represented by Patrick Bogan, Steve Coulter and Henry Hong of Lee & Associates in the land sale, acquired from the City of Chino. Newcastle plans to build an industrial building that is divisible with offices to suit tenant requirements. The building will be 30’ clear height and have a secured truck court with eight dock-high doors and two ground-level doors. The project is in an excellent western Chino location near Central Avenue.
“The Chino industrial market within remains white hot with ongoing quarterly improvement. As vacancy rates continue to decrease, we see greater opportunity to build new product,” said Jackson Smith, partner at Newcastle Partners. “This is an ideal single tenant building, but is easily divisible for two tenants as well.”
Newcastle also announced the completion of two large industrial facilities within the Inland Empire market. The firm is putting the finishing touches on a 304,000-square-foot, state-of-the-art, industrial warehouse facility centrally in the City of Redlands, as well as a 400,000 square foot class-A industrial project in the same area. Both projects are represented by Jeff Smith of Lee and Associates. Also, the firm recently broke ground on a 100,000 square foot class-A industrial facility in Ontario and anticipates breaking ground on a 150,000 square foot warehouse at Harley Knox Boulevard and the 215 Freeway in January.
About Newcastle Partners: Newcastle Partners is a privately held, full service, commercial real estate investment and development company focusing exclusively in West Coast gateway marketplaces. The company is vertically integrated and uniquely positioned to execute a variety of strategies to add value, including land entitlement, new construction, and asset repositioning to create and capture incremental value. 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 15,000,000 square feet, representing a total investment of over $1.1 B.