Ridge Property Trust, a Chicago-based REIT specializing in industrial property development and management, recently broke ground on its newest Southern California industrial complex, the Centerpointe Business Park in Moreno Valley, California.
The Centerpointe Business Park is located on 162 acres of prime land in the I-215 Corridor market in Riverside County and upon completion will feature more than three million square feet of prime industrial space in state-of-the-art buildings, varying in size and configuration. Construction of the project will include offsite infrastructure improvements in the area, with the first building scheduled to be completed in January 2007 and the entire project completed by end of 2008 or sooner.
"As the Inland Empire West area reaches capacity and business shifts to growing cities such as Moreno Valley, Centerpointe Business Park is perfectly positioned to serve users seeking well-located warehouse, distribution and manufacturing facilities," said Dennis Rice, president of Ridge Property Trust. "Solid and continuing market growth, as evidenced by retail giant Tesco's purchase of 88 acres for new manufacturing facilities a mile west of Centerpointe Business Park, allows business the confidence to expand into a proven location with a deep labor pool and top tier facilities."
Situated at the intersection of Cactus Avenue and Graham Street -- immediately north of March Air Reserve Base and directly across from Moreno Valley City Hall - Centerpointe Business Park is as an entitled business hub that provides efficient and effective distribution routes to and from the Ports of Long Beach and Los Angeles, as well as easy access to suppliers and customers in the Los Angeles basin, San Diego, and the Inland Empire West.
Leasing for Centerpointe Business Park will be handled by Lee and Associates, the largest regional commercial real estate services provider in the United States. The Minka Group, a leader in the decorative lighting industry, has already signed a 533,000 square foot lease at the new business park.
"Our new location at the Centerpointe Business Park in Moreno Valley is the perfect location for Minka to serve its growing client base in California and the West," said Peter Decsy, General Manager at Minka Group. "The Minka Group manufacturers and distributes across two continents and needed the easy access and amenities that only Centerpointe Business Park provides."
Ridge Property Trust, which is headquartered in Chicago with regional offices in Texas and California, is expanding its presence into the Inland Empire and currently is developing $300 million of projects on more than 350 acres of property in Moreno Valley and Perris. The REIT expects to announce additional tenants for Centerpointe Business Park, as well as other business ventures in the area by the end of 2006.
About Ridge Property Trust
Ridge Property Trust, a privately-held real estate investment trust (REIT) with ongoing industrial development in the United States and Mexico, is a leading provider of commercial real estate development services. Combining immediate access to key local decision makers with a highly responsive and streamlined organization, Ridge provides a competitive advantage that makes acquisition and development cost-efficient, customized, and customer-focused.
Backed by Prudential Real Estate Investors, Ridge Property Trust delivers senior executives armed with exceptional local knowledge, worldwide institutional power, discipline, and access to capital - ensuring the best value for brokers, sellers and end users alike. Ridge Property Trust is based in Chicago and has regional offices throughout the United States. For more information, visit www.rptrust.com or call (562) 856-3819.
About Lee & Associates
With offices in California, Arizona, Nevada, Illinois, Missouri, Michigan and New Jersey, the Lee & Associates group of independently owned and operated companies is the largest regional commercial real estate services provider in the United States, and the fourth largest full-service commercial real estate organization overall. More information can be found at www.lee-associates.com.