IE Business Daily Business news for the Inland Empire.
An industrial building in the Meridian Business Park in Riverside has been sold.
Newcastle Partners sold the 600,000-square-foot building to Scuderia Development LLC, a real estate investment firm in Newport Beach, according to a statement released Friday.
Scuderia Development paid $43.5 million for the building, which sits on 27 acres near Interstate 215 at 146000 Innovation Drive. The company plans to use the structure, which Newcastle Partners built in 2013, to store and distribute aluminum products, according to the statement.
Information regarding when that facility will open or how many people will work there was not released.
Chuck Belden and Phil Lombardo of Cushman & Wakefield Ontario represented both parties in the negotiations.
“This sale is significant for us as it is the first building sold that we have developed in Meridian Business Park,” said Dennis Higgs, founder and manager of Newcastle Partners, in a statement. “This disposition is a testimony to the economic recovery and continued growth of the [Inland Empire] region.”
San Francisco-based Newcastle Partners owns 1.37 million square feet of Class A space at Meridian Business Park, a 1,290-acre master-planned project whose occupants include Sysco Corp., Fresh & Easy, Kia Motors and McLane Food Service.
The company recently started construction of a 260,000-square-foot warehouse-distribution facility in Meridian Business Park. That project is expected to be finished about one year from now, according to the statement.
