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.”
Both Waypoint and Lewis have an extensive background in land and commercial development and have operated in the Inland Empire for more than 50 years. Their combined experience will serve to enhance the ability to bring new users and jobs to the already successful park.
“This property represents the rare opportunity to develop one of the largest contiguous, entitled development sites in Southern California,” said Lombardo. “It is located in the highly desirable market of Riverside/Moreno Valley/Perris, which has experienced a continuing influx of high-profile corporate occupiers seeking class A industrial facilities in a highly desirable and functional transit network.”
Located in the I-215 South corridor, the 1,290-acre, master-planned Meridian Business Park, a part of the former March Air Force Base, is less than 90 minutes from the Los Angeles/Long Beach port complex.
Cushman & Wakefield's industrial brokerage platform provides global resources and local expertise for tenant and landlord representation and disposition and acquisition services and transaction management.
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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.
