IE Business Daily Business news for the Inland Empire.
Newcastle Partners Inc. has purchased land in Chino where it plans to develop an industrial building.
The 78,000-square-foot structure will be built on 3.6 acres at 5490 Schaefer Ave., property Newcastle purchased from the city of
Chino for an undisclosed sum, according to a statement.
Lee & Associates represented Newcastle Partners in the property negotiations. Construction on the building, which will be designed to accommodate one or two tenants, is expected to begin this spring and be finished by the end of the year.
The project, which is being built without signed tenants, will be near Chino Avenue in the western part of the city.
“The Chino industrial market remains white hot with ongoing quarterly improvement,” said Jackson Smith, a partner with Newcastle, in the statement. “As vacancy rates continue to decrease, we see greater opportunity to build new product.”
Newcastle also announced last week that it is finishing construction of two Class A industrial buildings in Redlands, one 304,000 square feet and the other 400,000 square feet.
The San Francisco-based developer has also begun construction on a 100,000-square-foot industrial building in Ontario, and it plans to break ground on a 150,000-square-foot warehouse-distribution project at Harley Knox Blvd. and Interstate 215 in Perris this month.
Newcastle has purchased or developed more than $1.3 billion worth of properties since it was founded in 1999.
