IE Business Daily Business news for the Inland Empire.
Construction has begun on a 112-acre logistics project in Norco.
Palomino Ranch will cover two million square feet and feature 24 industrial building when it’s completed, said CapRock Partners in Newport Beach, the project’s developer.
The first phase of the warehouse-distribution facility is being built. It will consist of eight buildings spread across 700,000 square feet.
Those structures will range from 55,000 to 165,000 square feet and include up 6,000 square feet of office space.
Phase Two, which will cover nearly 750,000 square feet, is expected to start construction next year. Phase Three will cover approximately 533,000 square feet. A start-date for that phase was not disclosed.
When completed, Palomino Ranch will be the largest industrial project of its kind in Norco, according to a statement on CapRock Partners website.
“The Inland Empire industrial real estate market is near full-occupancy as retailers and suppliers continue to shift their strategies in today’s post-pandemic economy,” said Patrick Daniels, co-founder and chief executive officer of CapRock Partners, in the statement. “Norco is well-positioned geographically for logistics and transportation in the Inland Empire West submarket. Palomino’s Phase I will be coming online at an ideal time to provide needed warehouse space.”
Palomino Ranch is being developed at 1811 Mountain Ave., about two miles north of the 91 Freeway-Interstate 15 interchange.
Lee & Associates will market the project.
