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February 4, 2019 Comments Off on Newcastle Divests Spec Riverside Industrial Development to Dermody Views: 2024 California News, Inland Empire

Newcastle Divests Spec Riverside Industrial Development to Dermody

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San Francisco-based Newcastle Partners, Inc., along with its joint venture partner Sun Life Assurance Company of Canada, sold a 260,000-square-foot industrial property that is nearing completion in Riverside, CA. The property is situated on 13 acres of land at 21822 Opportunity Way, and is within Meridian Business Park, a 1,290-acre master-planned commerce center.

Reno-based Dermody Properties acquired the asset for an undisclosed sum in an off-market transaction. The facility features 32-foot clear heights, an ESFR sprinkler system and a cross-dock design that includes up to 185-foot truck courts.

This is Newcastle’s third and final phase of activity within Meridian Business Park. All told, Newcastle has developed roughly 1.37 million square feet of industrial product on 70 acres of land at the site since 2012.

Cushman & Wakefield’s Phil Lombardo and Chuck Beldon represented Newcastle Partners in the transaction.

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