Lee & Associates Riverside & Temecula Valley Negotiate 43.23-Acre Commercial Land Sale
RIVERSIDE, Calif. — February 24, 2017 — The Riverside and Temecula Valley offices of Lee & Associates, the largest broker-owned commercial real estate firm in North America, has announced the closing of an $8.7 million sales transaction for a 43.23-acre industrial/commercial land site at the Meridian Business Park located in Riverside, CA.
Meridian Business Park is a 1,290-acre mixed use development with more than 3.5 million square feet built and occupied. The park features three miles of I-215 frontage with three on/off ramps, some of the lowest development impact fees in the Inland Empire, and a pro-business local government agency (March Joint Powers Authority) with fast track approval process. The development is considered a transportation hub with rail, three freeway interchanges and a cargo airport nearby.
Jon Friesen, senior vice president of the Lee & Associates Riverside, and Brian Bielatowicz, senior vice president of the Lee & Associates Temecula Valley, represented the Seller. Mario Calvillo, vice president of the Lee & Associates Riverside office and Julia Corona-Thompson of SASSC represented the buyer, Silagi Development & Management.
“This is Silagi Development & Management second land development acquisition in the Inland Empire East,” said Calvillo. “Mr. Silagi was extremely instrumental in securing this land acquisition, it’s a testament to Mr. Silagi hands-on business approach and his ability to streamline approvals.”
MS 215 is a masterplan development comprising:
- Development A – five (5) industrial buildings totaling apx 175,960 square feet.
- Development B – ten (10) industrial/commercial/retail buildings and (one) two-story office building totaling apx 165,690 square feet.
- Development C – one (1) three-story office building totaling apx 88,410 square feet; parked 6:1.
- Development D – ten (10) industrial/showroom buildings and two (2) single-story office buildings totaling apx 155,160 square feet.
Phase I is Development D, Located at SEC Alessandro and Meridian Parkway and construction is scheduled to commence by 2017 4th quarter or sooner.
The building contractor is RM Dalton, architect HPA, Inc. and civil engineer SDH & Associates.
About Silagi Development & Management
Visit www.silagidevelopment.com. For more than 32 years, Silagi Development & Management (SDM) has been acquiring, building, and managing commercial real estate properties throughout the United States. Today, the SDM portfolio includes a broad selection of industrial, office, retail, resort and undeveloped land assets. From strategically located distribution facilities in rural Pennsylvania, to luxury resorts in Kona, Hawaii, SDM continues to expand, creating new opportunities for growth.
About Lee & Associates
Celebrating more than 37 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in North America with locations across the U.S. and Canada including California, Colorado, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Texas, Vancouver BC, Washington and Wisconsin. With more than 800 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn and Twitter.
CONTACTS:
Lee & Associates
Erik Hamilton, ehamilton@lee-associates.com