CapRock Partners in Newport Beach has acquired roughly 23 acres that will accommodate a 425,000-square-foot industrial business park in Norco. The property, in the Inland Empire West submarket, will serve the demand for commercial delivery to Orange County and the proximate Norco and Corona communities. The acquisition price was not disclosed. CapRock Partners has been accelerating its “last-mile” logistics strategy and is developing three properties that include eight industrial buildings for a total of nearly 900,000 square feet. They include:
–Temescal Valley Commerce Center in Corona; 140,000 square feet; completion in Summer 2018; single building
–Serrano Business Park in Jurupa Valley, 327,000 square feet; completion in early 2019; three buildings
–Norco Business Park in Norco, 425,000 square feet; completion in second-quarter 2019; four buildings
LBA Realty in Irvine has bought a fully leased, 155,109-square-foot industrial building on nearly 7 acres in Riverside for $20.2 million. The seller was AMA Plastics / Westfall Technik Inc. AMA Plastics agreed to a 10-year leaseback for the entire facility, which serves as its headquarters. Jeff Chiate, Rick Ellison and Mike Adey of Cushman & Wakefield’s Orange County office, along with David Stefancic of the firms’ Chicago office, represented the seller in the transaction. Built in 2007, the facility at 1100 E. Citrus St. has features including 32-foot clear height, a truck court, 12 dock-high loading doors, and full drive-around access.
People in real estate
Mackenzie Ford is the new vice president of Stream Realty Partners’ Industrial Division in Irvine. Ford will be responsible for leading and expanding Stream’s industrial division and platform throughout Southern California. She will focus on the overall growth of company’s leasing, tenant representation, building sales, and property management service lines of industrial product throughout Orange County and the Inland Empire.
This week Jeff Lazerson’s radio show guests include:
— John Bell, deputy director of the U.S. Department of Veterans Affairs, will answer your VA mortgage questions.
— Nick Larson, LexisNexis Risk Solutions Business Development director, will explain the alarmingly high percentage of Americans with liens and judgments and their correlation to future mortgage defaults and foreclosures.
–Mark Palim, Fannie Mae’s deputy chief economist, will make some observations as to why housing confidence just hit an all-time high.
Lazerson is a contributing columnist for the Orange County Register and the Southern California News Group. His weekly “Mortgage Grader” radio show airs at 10 a.m. on KLAA 830AM, otherwise known as the Angels radio station.
The show is offline when the Angels are playing in that timeframe.
If you have a question for Lazerson’s radio show, keep this dial-in number handy: 714-283-0830.
Pardee Homes will celebrate the grand opening of Centennial, a planned community in Menifee, on June 23. The community will include four neighborhoods with homes priced from the low $400,000s. The neighborhoods include Canvas, Kadence, Newland and Easton.
Menifee’s downtown and newly created economic development corridor will include more than 2,000 acres of land ready for retail/commercial development with major employers already in place including those in education, healthcare and retail.
For more information, head to PardeeHomes.com/Region/Inland-Empire.
If you would like to submit a real estate transaction or news of people on the move in the industry, send a press release to Business Editor Samantha Gowen at email@example.com. High-resolution images also can be submitted. Allow at least one week for publication. Items are edited for length and clarity.