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Industrial storage space planned for west end

Two real estate investment companies are planning to develop outdoor industrial storage space on land it purchased recently on the west end of the Inland Empire.

Iconic Equities and its partner, Leste Real Estate U.S., both based in Miami, recently purchased 5.6 acres for $12 million, according to a statement.

Plans call for 12,500 square feet of the property, which is fully entitled, to be developed.

A construction timeline, and the property’s exact location, were not disclosed.

“As one of our nation’s most important logistics hubs, Southern California’s access to ports and roadway transportation makes this area appealing for IOS investment,” said Timothy Bishop, founder and chief executive office of Iconic Equities, in the statement. “We look forward to pursuing additional value-add IOS opportunities in Southern California and other regions in the United States.”

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