Higgs tells GlobeSt.com that “Newcastle Partners developed this project on a speculative basis because we saw a demand from large corporate users for high quality facilities like this one. The location offered the buyer a unique site with direct and immediate access, freeway visibility and identity and, most importantly, high security due to its visibility. This transaction is testimony that users are more confident in making a sizeable investment into their operations in the Inland Empire region, and we believe that our other two projects within Meridian have a good chance of selling prior to completion of construction.”

According to Higgs, “This disposition is testimony to the economic recovery and continued growth of the region.”

Meridian Business Park is a 1,290-acre master-planned commerce center that includes major corporate users including Sysco Corp., Yucaipa Co. (Fresh & Easy), Kia Motors, and McLane Foodservice.

“This property provided Scuderia with freeway frontage, immediate access to the 215 Freeway and nearby retail amenities, as well as a high-profile location near other major corporate neighbors,” notes Jackson Smith, who heads Southern California operations for Newcastle Partners. “We will continue to seek out strong, freeway-close industrial user locations over the next several years to meet the demand we see coming down the pipeline.”

Newcastle Partners has a total of 1.37 million square feet of speculative class A building activity at Meridian Business Park. The firm recently began construction on 13 acres of land for an industrial distribution facility totaling 260,000 square feet, as GlobeSt.com previously reported, with completion anticipated for fall of 2015, as well as a 510,000-square-foot distribution building with completion expected in the fourth quarter of 2015.