Newcastle Partners has secured land sites to develop three new industrial facilities in Southern California. The developer acquired parcels in Anaheim, Norco and Corona for more than $16 million with plans to build of last-mile facilities. The three properties will be developed on a speculative basis.
Newcastle Partners acquired 3855 E. La Palma in Anaheim for $6.1 million. It will demolish a 41,000-square-foot office building to make way for a 40,000-square-foot class-A industrial property, which is scheduled to deliver in 2023. Rick Ellison and Randy Ellison of Cushman and Wakefield brokered the deal.
In Norco, Newcastle acquired a 4.2-acre land site at 1004 Parkridge Ave. for $4.3 million. The developer will build five, class-A industrial buildings totaling 80,000 square feet of space with delivery scheduled in late 2022. Richard Schwartz of Colliers International brokered the deal.
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Kelsi Maree Borland
