Industrial project planned for Perris
A real estate investment trust in Chicago has purchased three vacant parcels in Perris, where it plans to build an industrial project.
First Industrial Realty Trust Inc. will develop a 315,000-square-foot warehouse-distribution project on the 16.2-acre site, according to a statement released by Avison Young, the Toronto-based commercial real estate firm that assisted First Industrial in the purchase.
First Industrial bought three parcels from three private investors whose names were not disclosed. That property is at the southeast quadrant of Rider Street and Redlands Avenue.
First Industrial is working on the property’s entitlements and will begin construction when that is completed, probably in 12 to 16 months, according to the statement.
The speculative project is being designed for one or two users. Cost of the land was not disclosed.
First Industrial develops, owns and operates industrial real estate projects throughout North America. It has nearly 68 million square feet – 476 properties – in its portfolio, according to the company’s website.