Newcastle Partners Begins Construction of 100,326-SF Industrial Building in Chino Hills, CA; Completes Construction of 503,592 SF Industrial Facility in Riverside, CA
Above photo: Chino Hills Commerce Center rendering.
Chino Hills, CA – Newcastle Partners, Inc., a real estate investment and development company, is pleased to announce significant construction milestones on two Class A industrial distribution facilities totaling more than 600,000 square feet (sf) in the Inland Empire market of Southern California. The firm has begun construction of Chino Hills Commerce Center in Chino Hills which will total 100,326 sf, and construction has been completed on Meridian Distribution Center II, which totals 503,592 sf in Riverside.
Chino Hills Commerce Center is located at 15291 Fairfield Ranch Road and is situated on just under five acres of land. Grading recently began and construction on the 100,326-sf project is anticipated to be completed in August of this year. The property features approximately 5,300 square feet of two-story office space, 10 dock-high loading doors, one grade-level door, 118 auto parking spaces and secured truck court and yard area. It offers easy access to the 71 freeway which connects to the 60, 91 and 15 freeways. David Consani, Jim Koenig and Jason Chao of CBRE are responsible for marketing the asset for sale or lease.
The newly completed 503,592-sf Meridian Distribution Center II is situated on a 26.93-acre land parcel at 22000 Opportunity Way in Riverside. It provides 36-foot interior clearance, 88 dock high doors, two ground-level doors, 150 trailer parking stalls, 217 auto parking spaces, and is located in the master-planned Meridian Business Park which currently totals 6 million sf of industrial property. It provides frontage as well as immediate access to the 215 freeway at Van Buren Blvd. Corporate neighbors include Amazon, Sysco Corp., KIA Motors, UPS and McLane Food Service. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield’s Ontario office are responsible for marketing the project.
Newcastle Partners has developed more than five million sf of industrial product in the Inland Empire region over the past eight years. “With industrial demand being at an all-time high due to the explosion of ecommerce, and a lack of large, new construction product throughout Southern California, we continue to pursue new opportunities for development and see the region tightening even more over the coming years,” said Dennis Higgs, Managing Partner with Newcastle Partners.
“We have had a strong amount of interest in both properties from Fortune 500 companies that are looking to increase their distribution capacity in the Los Angeles region,” added Jackson Smith, Partner with Newcastle Partners.
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.