Dermody Properties Acquires 13.53 acres in Riverside, Calif. for new LogistiCenter℠
We recently acquired an approximate 13.53-acre site in the Meridian Business Center in Riverside, Calif. Dermody Properties commenced construction of a 262,260-square-foot cross dock distribution facility, which the company estimates will be complete in Q2 of 2019.
The new development will be called LogistiCenter℠ at Park Meridian. LogistiCenter℠, a nationally trademarked brand owned and developed by Dermody Properties, represents the company’s business philosophy of developing Class A distribution and logistics facilities that meet the supply chain requirements of the most innovative companies.
The site is located in the master-planned Meridian Business Park, the premier business park in the I-215 South Corridor, which is home to a variety of corporate occupiers, including United Parcel Service, Kia Motors, Sysco Corporation, McLane Foodservice, the University of California and others.
“This is an outstanding location for logistics-focused companies,” said Pat Gallagher, Partner, Southwest Region for Dermody Properties. “Dermody Properties is actively acquiring and developing in the Southern California market, and this adds one more excellent element to our rapidly expanding portfolio in this region.”
The site has immediate access to I-215 via the recently re-engineered and expanded Van Buren Boulevard interchange, and the nearby Cactus Avenue and Alessandro Boulevard interchanges. Meridian Business Park is located three miles south of the I-215/SR-60 interchange.
The 430-foot deep cross dock building will contain up to 56 dock doors, two grade level doors and 46 trailer parking stalls. The site plan features 135’ and 185’ secured truck courts, and the clear height will be 32 feet at the first column line.
Phil Lombardo and Chuck Belden of Cushman and Wakefield represented all parties in the sale and will be the leasing brokers for the project.
RGA is the architect for the building and Fullmer Construction is the general contractor.