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| MDC1 within Meridian Business Park, Riverside, CA |
SAN FRANCISCO, CA – Newcastle Partners, Inc., a San
Francisco-based real estate investment and development company, has announced
the $43.5 million sale of a 600,000-square-foot industrial property that is
situated on 26.95 acres within Meridian Business Park in Riverside, a
city within the Inland Empire region of Southern California.
Newcastle Partners completed construction of the property,
located at 14600 Innovation Drive, in late 2013.
Phil Lombardo and Chuck Belden of Cushman
& Wakefield represented Newcastle Partners as well as the China-based
buyer, Scuderia Development, LLC. The
buyer plans to occupy the facility for use in warehousing and distribution of
aluminum products.
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| Phil Lombardo |
The Class A distribution facility includes 4,160 square feet
of office space, 93 dock-high doors, two grade-level ramps, 145 trailer storage
stalls, 245’ secured truck court, ESFR sprinkler system, 32’ warehouse clearance,
400 amp service expandable to 4,000 UGPS and is LEED Silver certified.
“The Inland Empire is the hotbed of opportunity for
industrial users and Newcastle Partners has made a long-term commitment to
providing innovative facilities that meet their needs,” said Dennis Higgs,
Newcastle Partners’ Managing Partner and Founder.
“This sale is
significant for us as it is the first building sold that we have developed
within Meridian Business Park. This disposition is testimony to the economic
recovery and continued growth of the region.”
Meridian Business Park is a 1,290-acre master-planned
commerce center that includes major corporate users including Sysco Corp.,
Yucaipa Company (Fresh & Easy), Kia Motors, and McLane Foodservice.
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| Chuck Belden |
“This property provided Scuderia with freeway frontage,
immediate access to the 215 Freeway and nearby retail amenities, as well as a
high-profile location near other major corporate neighbors,” commented Jackson
Smith, who heads Southern California operations for Newcastle Partners.
“We will continue to
seek out strong, freeway-close industrial user locations over the next several
years to meet the demand we see coming down the pipeline.”
Newcastle Partners has a total of 1.37 million square feet
of speculative Class A building activity at Meridian Business Park.
The firm recently
began construction on 13 acres of land for an industrial distribution facility
totaling 260,000 square feet with completion anticipated for fall of 2015, as
well as a 510,000-square-foot distribution building with completion expected in
the fourth quarter of 2015.
For a complete
copy of the company’s news release, please contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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