Newcastle Partners, a SF-based commercial property investment and development firm, announced this week that it had sold a 600,000-square-foot Class A distribution facility in Meridian Business Park, Riverside for $43.5 million. Phil Lombardo and Chuck Belden of Cushman & Wakefield represented Newcastle Partners as well as the China-based buyer, Scuderia Development LLC.
"The Inland Empire is the hotbed of opportunity for industrial users and Newcastle Partners has made a long-term commitment to providing innovative facilities that meet their needs," said Dennis Higgs, Newcastle Partners' managing partner and founder. "This sale is significant for us as it is the first building sold that we have developed within Meridian Business Park."
Scuderia Development plans to occupy the building at 14600 Innovation Drive for warehousing and distribution of aluminum products, Newcastle reported. The class-A distribution facility includes 4,160 square feet of office space, 93 dock-high doors, two grade-level ramps, 145 trailer storage stalls, 245' secured truck court, ESFR sprinkler system, 32' warehouse clearance, 400 amp service expandable to 4,000 UGPS and is LEED Silver certified.
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