{"id":1004666975,"date":"2023-06-09T04:29:49","date_gmt":"2023-06-09T12:29:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004666975"},"modified":"2023-06-09T04:29:51","modified_gmt":"2023-06-09T12:29:51","slug":"north-palisade-partners-pays-45m-for-inland-empire-site","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/north-palisade-partners-pays-45m-for-inland-empire-site\/","title":{"rendered":"North Palisade Partners Pays $45M for Inland Empire Site"},"content":{"rendered":"
\"1101<\/a>

1101 California St. Image courtesy of North Palisade Partners<\/em><\/p><\/div>\n

North Palisade Partners <\/strong>has acquired a 17-acre site in Redlands, Calif., for $44.5 million. The land previously accommodated a waterpark that was vacated in 2018 and will be transformed into a Class A warehouse distribution facility.<\/p>\n

Lee & Associates<\/strong> Principal Hunter Warner brokered the transaction on behalf of both the buyer and the seller, identified by Commercial Observer<\/em> as an LP named The California Gateway<\/strong>.<\/p>\n

\n

READ ALSO<\/strong>: Top 5 Markets for Industrial Transactions in 2022<\/a><\/p>\n

\n

Situated at 1101 California St., along the 10 Freeway, the facility will take shape in the Inland Empire East submarket of Southern California. According to a recent CommercialEdge report<\/a>, the submarket had a vacancy rate of only 1.9 percent as of April.<\/p>\n

Inland Empire investment activity shows no signs of slowing down<\/h2>\n

Due to persistent demand for warehouse distribution space, investors continue to participate actively in the market<\/a>. The same report also indicated that the Inland Empire market accounted for the highest deal volume in the country this year through April, with $1.6 billion in industrial assets changing hands.\u00a0The market\u2019s proximity the Ports of Los Angeles and Long Beach, combined with the region’s substantial consumer base, is anticipated to be a persistent driving force in the industrial market.<\/p>\n

In a prepared statement, Joe Mishurda, founder & managing partner of North Palisade, highlighted Inland Empire’s consistent position as one of the leading industrial markets in the country over the past five years.<\/p>\n

Brookfield Asset Management is also among the most active players in the area. Earlier this year, the company acquired an 1.8 million-square-foot Class A industrial campus<\/a> in Cherry Valley, Calif., through one of its funds. Hillwood Investment Properties and CBRE Investment Management also purchased 364 acres in a $559 million deal<\/a>. The site will house the first phase of Speedway Commerce Center, a multi-building logistics campus that is set to span 6.6 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plans call for the conversion of the former waterpark into a Class A distribution facility. <\/p>\n","protected":false},"author":3030,"featured_media":1004666978,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21748,34027,21783,21742,15],"tags":[32762],"class_list":["post-1004666975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-industrial","category-inland-empire","category-investment","category-latest","category-west","tag-lee-associates"],"acf":[],"yoast_head":"\nNorth Palisade Partners Pays $45M for Inland Empire Site - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"North Palisade Partners has acquired a 17-acre site in Redlands, Calif., for $44.5 million, where it intends to build a Class A facility.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/north-palisade-partners-pays-45m-for-inland-empire-site\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"North Palisade Partners Pays $45M for Inland Empire Site\" \/>\n<meta property=\"og:description\" content=\"North Palisade Partners has acquired a 17-acre site in Redlands, Calif., for $44.5 million, where it intends to build a Class A facility.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/north-palisade-partners-pays-45m-for-inland-empire-site\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-09T12:29:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-09T12:29:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/1101-California-St.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"893\" \/>\n\t<meta property=\"og:image:height\" content=\"669\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Raluca Toma\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/north-palisade-partners-pays-45m-for-inland-empire-site\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/north-palisade-partners-pays-45m-for-inland-empire-site\/\",\"name\":\"North Palisade Partners Pays $45M for Inland Empire Site - 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