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| Opportunity Way within Meridian business Park Riverside, CA |
SAN FRANCISCO, Calif., September 12, 2014 – Newcastle
Partners, Inc., a San Francisco-based real estate investment and development
company, has acquired 13 acres of land for industrial development.
The site is located at Opportunity Way within Meridian
Business Park, a 1,290-acre master-planned commerce center in Riverside, a city
within the Inland Empire region of Southern California.
With this latest
acquisition, Newcastle Partners’ development activity within the park now
totals 1.37 million square feet on 66 acres of land.
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| Phil Lombardo |
“The Inland Empire continues to set records for industrial
absorption. The impact of e-commerce and increasing Port of Los Angeles traffic
are some of the drivers pushing major corporations to continue aggressive
expansion into the region.
"This ongoing level of activity is driving our focus
on speculative development as the market doesn’t seem to have enough space to
meet demand,” said Jackson Smith, who heads Southern California
operations for Newcastle Partners.
“We’ve already had great interest in
Meridian Distribution Center as the region provides all the strategic
advantages that corporate users want today.”
Dennis Higgs, Newcastle Partners’ Managing Partner
and Founder, observed that corporate users prefer locating near other high
profile users.
“The quality of Meridian Business Park and its amenities rivals
all other state-of-the-art product throughout the Inland Empire region. The
visibility, access to the freeway system and ports, and quality of its tenant
base is unsurpassed. Kia Motors, McLane Foodservice, Sysco Foods, and the
University of California at Riverside all have located here for these reasons.”
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| Chuck Beldon |
Phil Lombardo and Chuck Belden with Cushman
& Wakefield represented Newcastle on the land acquisition, as well as the
seller of the land, LNR Riverside Holdings, LLC. Lombardo and Beldon are also
responsible for leasing of the facility in addition to Newcastle’s Phases 1 and
2 at Meridian Distribution Center.
Founded in 1999, Newcastle
Partners, Inc. is a real estate investor and developer focused on industrial,
office and business park properties in California. Newcastle Partners has
offices in Irvine and San Francisco, California, and currently owns or has
recently developed more than $728 million of properties.
Visit Newcastle
Partners at www.newcastlepartners.com.
For a complete copy of the company’s news release, please contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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