An Orange County company has bought a 13-acre parcel in Corona that is home to a 67,000-square-foot industrial building occupied by Laticrete International, which makes concrete and stone building materials.
North Palisades Partners, an industrial and development firm, paid $35 million for the property at 22740 Temescal Canyon Road in an off-market purchase, according to a statement.
The Newport Beach firm plans to develop a 205,000-square-foot Class A industrial building on the site. Construction is expected is expected to start during the second quarter of next year.
North Palisade Partners purchased the parcel from a family who owned the infill parcel near Interstate 15 for more than 30 years. The family’s name was not disclosed.
During the past month and a half, North Palisade Partners has acquired three industrial and self-storage development properties in Southern California for $125 million, and it has more than $500 million of additional acquisitions under contract, according to the statement.