Newport Beach-based CT Realty has broken ground on a 4.4 million-square-foot industrial development in the Inland Empire.
The local firm, one of the country’s larger privately held industrial developers, paired with PGIM Real Estate for the acquisition and construction of Agua Mansa Commerce Park in Jurupa Valley, closing on the 206-acre site earlier in 2020.
Though the price was undisclosed, sources indicate the land value tops $200 million.
CBRE represented the seller, Denver-based Crestmore Development, in the land sale; CT Realty represented itself.
Logistics Users
Development plans call for three approximately 1 million-square-foot buildings in a cross-dock design with 40-foot clear height, plus two 200,000-square-foot buildings with 32-foot clearance.
All are being built on a speculative basis, with expected shell completion by next summer.
The Riverside County site is designed for regional last-mile distribution users, such as large e-commerce companies.
“The combination of the project’s proximity to the most active port complex in the U.S. coupled with our enormous consumer base is uniquely opportune for just about any company in the logistical supply chain,” said Carter Ewing, managing partner at CT Realty.
Colorado-based Viridian Partners oversaw the entitlement and acquisition process for the site, formerly the Riverside Cement Plant, which closed in 2014. It will continue to manage remediation and site work for the property, which will include 70 acres of conservation space, and provide $20 million of road and infrastructure improvements, according to Viridian President Tate Goss.
“The Agua Mansa Commerce Park will yield well over a thousand new, well-paying jobs and substantial new revenues to the city and region,” said Goss.
Other Projects
Agua Mansa Commerce Park is CT Realty’s third project with PGIM Real Estate in recent years.
The duo recently completed a 13-building development program in Southern California and recently begun work on the third phase of their 3.5 million-square-foot Palmetto Logistics Park in the greater Atlanta market.
