MORENO VALLEY, CA-Ridge Property Trust has broken ground on the first two phases of the Chicago-based REIT's three-million-sf Centerpointe Business Park. The 14-building complex in the I-215 Corridor is being developed on 162 acres at the intersection of Cactus Avenue and Graham Street in this Riverside County community.
Construction of the project will include off-site infrastructure improvements in the area, with the first building scheduled to be completed in January 2007/ The entire project expected to be completed by end of 2008.
Dennis Rice, president of Ridge Property Trust, points out that the project will provide additional industrial space for the region as the Inland Empire West reaches capacity and business shifts to growing cities such as Moreno Valley in the eastern portion of the Inland Empire. Retail giant Tesco recently bought 88 acres for new manufacturing facilities a mile west of Centerpointe Business Park, Rice notes, one of a growing number of signs that business is already considering eastern Inland Empire locations.
The Centerpointe development site is immediately north of March Air Reserve Base and directly across from Moreno Valley City Hall. The Minka Group, a lighting industry firm, has already signed a 533,000-sf lease at the new business park, where leasing is being handled by Lee and Associates. Peter Decsy, general manager at the Minka Group, says the new facility will serve California and the West.
The Centerpointe project is part of $300 million in projects that Ridge Property Trust is developing on 350 acres here and in another Inland Empire community, Perris. The REIT says that it expects to announce additional tenants for Centerpointe Business Park, as well as other business ventures in the area, by the end of this year.
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