RIVERSIDE, CA—A joint venture of Waypoint Property Group and The Lewis Group of Companies has acquired the development rights and Master Developer designation for the remaining 875 acres within Riverside County's Meridian Business Park.
Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield represented both the buyer and seller in the transaction.
“Our venture, in partnership with the March Joint Powers Authority, plans to immediately invest significant capital to improve an initial 220 acres for commercial development, including logistics facilities,” said David Team, president of the Newport Beach, CA-based Waypoint Property Group. “The acquisition provides an exciting opportunity for long-term development given the resurgence of the Inland Empire after the real estate depression of the late 2000s.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
