IE Business Daily Business news for the Inland Empire.
Construction has begun on two speculative industrial projects in the Inland Empire, one in Riverside, the other in Chino.
Both are being developed by Newcastle Partners in San Francisco, and when finished they will cover more than 570,000 square feet combined, according to a statement.
The first facility, Meridian Distribution Center, will cover 503,500 square feet on 27 acres at 22000 Opportunity Way in Riverside.
The $38 million project is expected to be completed this summer. It will be near similar logistics operations operated by Sysco Corp., Kia Motors, UPS and Kraft Foods, according to the statement.
That building, which is available for lease, is being marketed by Cushman & Wakefield Ontario.
The second facility will cover 71,000 square feet on 3.6 acres at 5490 Schaefer Ave. in Chino. That project, valued at approximately $10.3 million, is expected to be finished this fall, according to the statement.
Also available for lease, that building is being marketed by Lee & Associates.
Newcastle Partners is a full-service commercial real estate investment and development company. It has closed more than four million square feet of industrial transactions in the Inland Empire during the last two years, according to the statement.
