North Palisade Partners acquires 17-acre SoCal site for $44.5m, plans industrial development
North Palisade Partners, a development and investment firm focused on industrial, industrial outdoor storage, and self-storage properties, has acquired a nearly 17-acre site at 1101 California St. in Redlands, Calif., for $44.5 million. The Inland Empire East property formerly housed a waterpark that closed in 2018 and is envisioned to be transformed into a modern class A warehouse distribution facility.
Fund “Demand for larger blocks of functional industrial space across Southern California remains strong and competition for sites in the Inland Empire is fierce,” said Joe Mishurda, founder and managing partner of North Palisade Partners. “We plan to redevelop the former Splash Kingdom waterpark, that was vacated five years ago, into a warehouse distribution building to meet demand from a variety of users.”
The facility will be located in Southern California’s Inland Empire East submarket, which had an industrial vacancy rate of 1.7 percent at of the end of first quarter 2023. The Inland Empire has been one of the top performing industrial markets in the country for the past five years.
Hunter Warner of Lee & Associates represented the buyer and unnamed seller in the transaction.
“This site along the 10 Freeway, offers immediate on- and off-ramps at California Street that connect to the primary east-west logistics corridor in Southern California,” said Mishurda. “We recognized this site was an opportunity to continue building our industrial portfolio in a key market.”