IE Business Daily Business news for the Inland Empire.
A San Francisco-based company will develop a warehouse-distribution facility at the Meridian Business Park in Riverside.
Newcastle Partners Inc. has bought 13 acres within the industrial park and will build a 260,000-square-foot speculative project there, according to a statement.
Construction on the $20 million development is expected to start during the fourth quarter of this year and be finished next fall.
Cushman & Wakefield Ontario represented the Newcastle in the land purchase. The seller and price of the land were not disclosed.
E-commerce, along with amount of goods passing through the Ports of Los Angeles and Long Beach, is making it difficult to keep up with demand for logistical space in the Inland Empire, said Jackson Smith, head of Newcastle’s Southern California operations, in a statement.
When the project is completed, Newcastle will have developed nearly 1.4 million square feet of industrial properties on 66 acres within Meridian Business Park, including a 600,0000-square-foot Class A facility, according to the statement.
