Link Logistics and Western Realco acquire 16+ acre site to construct brand new industrial logistics project
Cushman & Wakefield has advised the sale of a ±16.45-acre industrial redevelopment site in Corona (Riverside County), California. A partnership between Link Logistics and Western Realco acquired the property located at 1375 Magnolia Avenue in the renowned Inland Empire from McWane, Inc., one of the world’s largest manufacturers of iron waterworks and plumbing products, on a land basis with plans to redevelop the site.
While official plans have yet to be revealed, Cushman & Wakefield marketed the site as a redevelopment opportunity with the potential to build two brand new, Class A industrial buildings totaling more than 300,000 square feet of warehouse space. The property currently consists of multiple older industrial structures originally built in the mid-1900s that would be demolished.
Jeff Chiate, Mike Adey, and Brad Brandenburg of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction. The local market advisory was provided by Cushman & Wakefield’s Rick Ellison, SIOR, and Brett Lockwood, who will also be responsible for the leasing of the new project.
“The site presented a tremendous redevelopment opportunity of a large piece of land in an infill location with considerable barriers to entry together with a strategic location directly at the Interstate-15 and SR-91 Highway interchange, providing exceptional accessibility and visibility,” said Jeff Chiate, Vice Chairman. “Additional advantages include its convenient logistical location 50 miles from the LA/Long Beach Port Complex and 10 miles from Ontario International Airport.”
Chiate continued, “Demand for the high-quality industrial product remains robust in Greater Los Angeles, and particularly the Inland Empire, while supply remains very constrained. The redevelopment of this property is greatly needed to best cater to the modern space and functionality needs of industrial users.”
“One of the top logistical locations in Southern California, this property is ideal for e-commerce distribution with more than 10 million residents within a 60-mile radius,” added Rick Ellison, Vice Chairman. “The rise of e-commerce is altering demand for industrial real estate. Same day and next day delivery expectations are increasing demand for warehouses closer to customers. Corona is uniquely positioned to benefit from this trend.