An Orange County industrial real estate company has secured financing on a 22-acre parcel in Moreno Valley.
Cap Rock Partners in Newport Beach will either build a 500,000-square-foot industrial warehouse on the site, which is part of the World Logistics Center or sell the property once it’s entitled, according to a statement.
JLL Capital Markets, a private equity firm, arranged the financing.
The parcel, located about halfway between Interstates 10 and 215, will accommodate multiple uses, including e-commerce, manufacturing, and distribution.
The World Logistics Center is being developed by Highland Fairview, a full-service real estate development company based in Moreno Valley. When complete it will have more than 41 million square feet of buildings and facilities, according to the company’s website.