- Wednesday, July 31, 2019
- Riverside, CA
Seefried Properties and Crow Holdings acquire 24 acres in Riverside, CA
Seefried Properties has partnered with Crow Holdings to close on a 24-acre land site in the Meridian Business Park in Riverside, CA.
Located off Interstate 215, Meridian Business Park is a 1,290-acre master-planned commerce and distribution center which boasts some of the top tier companies and businesses around the world. The development will consist of three fully-entitled speculative buildings totaling 375,000 square feet featuring 32' clear height, 60 trailer spaces, 65 dock doors and 387 auto stalls. "This acquisition represents an opportunity to quickly develop a three-building project with buildings ranging from 100,000 square feet to 150,000 square feet which is a size segment that continues to experience upward rental growth and asset appreciation," says Scott Irwin, Senior Vice President of the Southern California Region, "Additionally, the master-planned nature of the Meridian Business Park has great curb appeal that continues to attract high-image corporate tenants."
Construction is set to begin in November 2019 and slated for completion during the 2nd Quarter of 2020. Seefried and Crow would like to thank Phil Lombardo, Chuck Belden and Andrew Starnes at Cushman and Wakefield and Joe McKay and Chris Morrell with Lee & Associates for the opportunity.