IE Business Daily Business news for the Inland Empire.
A four-building industrial park that will come with some rare tax benefits is under construction in Colton.
The Colton Commerce Center will cover 182,123 square feet at 2245 W. Valley Blvd, according to JLL, which is marketing the project.
Buildings will range from 40,000 to 50,000 square feet, and will be available for sale or lease. Walls were recently tilted, and the project next to Interstate 10 is expected to be completed by the end of this year.
Colton Commerce Center will be located in a federal opportunity zone, which will allow owners, investors and tenants to avoid future federal capital gains taxes while operating in one of the busiest industrial markets in the United States.
“Unlike standard industrial building acquisitions, which offer no capital gains deferral or exemption, ownership at Colton Commerce Center allows buyers to eliminate federal capital gains tax on appreciation if held for 10 years, translating into millions in long term savings,” said Cody Clayton, JLL’s managing director, according to the statement.
Other tax savings will be available to owners and users. The property owner’s name was not disclosed.
