Partnership Plans $30M Industrial Park

(To read more on the industrial market, click here.)

LAKE ELSINORE, CA-Fairway Commercial Partners of Manhattan Beach and Adler Realty Investments of Woodland Hills have acquired an 18-acre site where they plan to develop a $30 million project of industrial and showroom space. Preliminary site plans call for approximately 255,000 sf of industrial and showroom buildings, but build-to-suit facilities will also be considered, the developers say.

The development site is near the Highway 74/Interstate 15 interchange, a location that the developers say will take advantage of the scarcity of industrial land in Lake Elsinore and a current industrial vacancy rate in Southwest Riverside County that is less than 3%. Available industrial land has become increasingly scarce in Lake Elsinore over the past few years as well as in the Corona industrial market to the north, says Rod Oshita, principal of Fairway Commercial.