With an eye toward attracting overflow from Orange County, one of the Inland Empire’s largest new business projects has broken ground in the region’s tightest industrial real estate market. Los Angeles-based Murdock Development Co. has begun grading on the first five buildings of the Gateway Corporate Center, a 200-acre business park at Interstate 15 and Cajalco Road south of Corona that eventually could top 3 million square feet.
The first phase of the project,five buildings totaling 203,700 square feet,could be finished by the end of the year, according to Paul Earnhart, senior vice president with Lee & Associates Ontario Inc.
The project will provide expansion options for Orange County companies as well as growing local firms, Earnhart said.
“Corona is a tight market,” he said. “There’s not a lot of land inventory available, and barring an economic downturn, we should continue to have good absorption out here.”
The park will feature light-industrial and research-and-development flex space capable of meeting the needs of high- and mid-technology companies, Earnhart said.
“This park will be very high-end,” he said. “We’ll be looking for companies that can take advantage of the project’s broadband capabilities.”
However, developers are open to options. The park will target light-industrial manufacturers and distributors as well, with building sizes up to 66,700 square feet. About the only uses that won’t be compatible are heavy industrial and big-box distribution, Earnhart said.
Although no leases or letters of intent have been signed, interest in the project has been strong, Earnhart said. One manufacturer in search of 400,000 square feet has already taken a look at the site.
The site can tap into both South Orange County and north San Diego labor pools. High-end homes being built in the nearby Eagle Glen development could house executives of companies moving from Orange County, Earnhart said. The city of Corona has nearly finalized the annexation of that land.
The project also has about 5 to 10 acres of freeway frontage that could accommodate retail, although that is still in the planning stages, Earnhart said. n
Drummer is senior reporter at the Business Press (Ontario).
