RIVERSIDE, CA-San Francisco-based Newcastle Partners Inc. has acquired 25.74 acres of land, located at Opportunity Way and Meridian Parkway in Meridian Industrial Park in Riverside, CA, for new speculative development. The firm will start construction mid-2014 on a 510,000-square-foot class A distribution building.

While sources involved could not disclose a construction cost at this time of the project, the new construction will be the second phase of Newcastle’s Meridian Distribution Center. We also learned that the value of the building upon construction completion will be approximately $37 million.

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