IE Business Daily Business news for the Inland Empire.
A 257,260-square-foot warehouse-distribution facility is under construction at the Meridian Business Park in Riverside.
The structure, which is being developed on 13.5 acres near Interstate 215, is expected to be finished during the second quarter, according to a statement released by Reno-based Dermody Properties, the project’s developer.
Dermody will own and manage the speculative project, which will be called LogistiCenter at Park Meridian. It will be near the Van Buren Boulevard, Cactus Avenue and Alessandro Boulevard interchanges and be close to several major corporate tenants, including United Parcel Service, KIA Motors, Sysco Corp. and the University of California.
Dermody bought the land for an undisclosed sum. Cushman & Wakefield Ontario represented Dermody and Meridian Business Center in the property transaction and will be the project’s leasing agent.
Cost to develop the structure was not disclosed.
Meridian Business Park is three miles south of the Interstate 215-60 Freeway interchange.
Founded in 1960, Dermody has invested in more than 83 million square fee of industrial space during its nearly 60 years in business, according to the statement.
