North Palisade Plans $65M Development in Inland Empire
Plans calls for a new 205,000-square-foot Class A industrial facility
By Greg Cornfield March 2, 2022 2:35 pm
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With logistics real estate soaring sky high, an industrial investment firm has acquired a warehouse and adjacent development site in the nation’s top market in Southern California.
Newport Beach-based North Palisade Partners said it paid $35 million in an off-market deal for an existing industrial building and 9 acres of land slated for a $65 million development of a new 205,000-square-foot Class A facility. It’s located at 22740 Temescal Canyon Road in the Inland Empire city of Corona, a submarket with a 0.3 percent industrial vacancy rate.
North Palisade expects to complete the construction by the second quarter of 2023 and will target tenants that meet the growing needs of the e-commerce sector.
The existing industrial structure includes about 67,000 square feet occupied by Laticrete International. Property records show it was sold by Guardian Asset Management.
“Acquiring an asset in this key industrial market in Southern California represents an opportunity to incorporate another value-add property into our growing West Coast portfolio,” said North Palisade’s Joe Mishurda. “The fact that this off-market acquisition also includes a development opportunity geared to meet e-commerce distribution and logistics needs presented a unique opportunity to strengthen our holdings.”
North Palisade has acquired three industrial and self-storage development properties across Southern California for a total of $125 million in the past 45 days, and has more than $500 million of acquisitions under contract. The company’s growth plans include key logistics markets in Southern California, Northern California, Las Vegas, Reno, Seattle, Portland and Phoenix.
NAI Capital Commercial’s Eddie Michino, Nicholas Chang, Richard Lee, Justin Kuehn and Sione Fua represented North Palisade Partners in the off-market deal. It wasn’t clear who represented the sellers.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
