San Francisco, CA (March, 2016) – Newcastle Partners, a San Francisco-based real estate development company, recently commenced construction of two industrial facilities totaling in excess of 570,000 square feet in the Inland Empire cities of Riverside and Chino.
The first facility, Meridian Distribution Center II, totals 503,500 square feet and is situated on a 26.93-acre land parcel at 22000 Opportunity Way in Riverside. Completion is anticipated for summer 2017 and its value upon build-out is estimated to be approximately $38 million. The Class A industrial facility will include 88 dock high doors, two ground-level doors, 150 trailer parking stalls, and 217 car parking spaces. It offers immediate access to the 215 freeway and corporate neighbors include Sysco Corp., Kia Motors, UPS, and Kraft Foods. Phil Lombardo, Chuck Belden, and Andrew Starnes of Cushman & Wakefield’s Ontario office are responsible for marketing the asset for lease.
The second facility totals 71,000 square feet and is situated on approximately 3.6 acres of land at 5490 Schaefer Avenue in Chino. Completion is anticipated for fall 2017 and its value upon build-out is estimated to be approximately $10.3 million. The facility will consist of a state-of-the-art concrete tilt-up, high cube warehouse/distribution building and is convenient to the 71 and 60 freeways. Patrick Bogan and Steve Coulter of Lee and Associates are responsible for marketing the asset for lease.
Over the past two years, Newcastle has acquired, developed or sold in excess of four million square feet of industrial property in the region, and the firm plans to be even more aggressive in 2017.
“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. “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.”
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 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 million square feet, representing a total investment of over $1.1 billion.