IE Business Daily Business news for the Inland Empire.
An Ontario property originally intended for houses will instead be home to a “big-box” industrial project.
Dermody Properties will develop Logisticenter at Ontario Ranch on a 54.4-acre parcel at Hamner Avenue and Ontario Ranch Road, the Reno-based company announced Tuesday.
Logisticenter will consist of one industrial warehouse that will cover 1,003,348 square feet. Groundbreaking is expected in the second quarter of next year, with the project scheduled to be completed in 2023.
Dermody Properties purchased the land last month from Richmond Communities for an undisclosed sum. CBRE brokered the transaction, which is likely to be one of the last of its kind in the Greater Ontario market.
“This site is one of the last remaining parcels of land in the Inland Empire west that is capable of supporting a building over one million square feet,” said Matt Mexia, a partner with Dermody Properties, in the statement. “We expect it to be one of just a few options available in the nation’s largest and most in-demand industrial market.”
Dermody Properties, is an investment, development and management company that focuses exclusively on logistics real estate, according to the statement.
