IE Business Daily Business news for the Inland Empire.
A Dallas-based investment firm will develop a speculative logistics project in Redlands that will cover nearly one million square feet.
Crow Holdings Capital-Real Estate has bought nearly 43 acres of open space at Alabama Street and Almond Avenue and will build two industrial buildings there, according to a statement by Colliers International Ontario.
Colliers International Ontario represented Crow Holdings in the purchase negotiations, and it will also be in charge of leasing the buildings.
The transaction was announced last week. Both the seller and the price of the land were not released, although the property did attract multiple bids from across the country when it was put up for sale.
Crow Holdings Capital plans to build two buildings on the site, one 614,328 square feet, the other 313,470 square feet. Construction is scheduled to start in mid-June, and both structures will be built at the same time.
“This is one of the few sites in the Inland Empire that will accommodate big-box buildings that is not already controlled by a developer,” said Tom Taylor, senior vice president with Colliers International Ontario and a member of the negotiating team, in the statement. “Redlands is now considered an infill location with a corporate environment and retail amenities, making this a coveted acquisition for Crow Holdings Capital-Real Estate.”
The site is near the Foothill Freeway, San Bernardino Airport, and BNSF Railway’s intermodal facility in San Bernardino, making it ideal for a warehouse-distribution operation, according to the statement.
