IE Business Daily Business news for the Inland Empire.
A 504,000-square-foot warehouse-distribution facility in Riverside has been sold.
Meridian Distribution Center II, which is part of the planned Meridian Business Park industrial project, sold for a reported $52 million, according to a statement released Tuesday.
Invesco Real Estate, a global real estate investment firm, bought the project from Sun Life Assurance Co. of Canada.
Both parties were represented by Cushman & Wakefield Ontario, with an assist from the brokerage’s Irvine office.
Cushman & Wakefield will be the property’s leasing agent.
Construction on Meridian II, which is at 22000 Opportunity Way, was completed earlier this year. It sits on nearly 27 acres, has 150 trailer parking stalls and access to Interstate 215, which is immediately west of the property.
Meridian Business Park’s tenants include Kia Motors, Sysco, Amazon and UPS. When completed, the business park will cover more than 1,290 acres and have 16 million square feet of logistical space, according to the statement.
