CORONA, CA-Master Development Corp. of Newport Beach has acquired 15 acres here for $10.9 million for a 100,000-sf combination warehouse, distribution and corporate headquarters project. Master Development plans to demolish an existing building on the site, at 1350 Railroad St., in order to make room for the new project.
According to Bryan Bentrott, executive vice president of the Newport Beach-based development firm, the site will be entitled in March 2008, with an anticipated completion in the fourth quarter of 2008. The acquisition was financed through a combination of equity provided by MDC and a loan provided by an investment client of BlackRock Realty Advisors Inc.
The new project continues a history of development in Corona for MDC, which has completed 28 buildings in the city since 2003 and recently acquired a 127,800-sf industrial building at 235 Radio Rd. in Corona for $11.5 million. Bentrott comments that the city of Corona "is very supportive of quality developments," which is one of the factors that has led to MDC's willingness to develop there.
"Corona is also the first industrial market east of Orange County, making it a logical alternative for companies wanting to service Orange County and San Diego," Bentrott says. Corona's location allows Orange County executives to enjoy a reverse commute while allowing their employees to avoid a difficult commute along the 91 Freeway, he points out.
Master Development was represented by Walter Frome and Bill Livesay of the Irvine office of Voit Commercial Brokerage in the acquisition of the Railroad Street site. MDC acquired the property from the Schnadig Corp.
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