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TUSTIN, CA-Investment Building Group of Newport Beach has broken ground on a 114,500-sf industrial building here and on four others in the Inland Empire community of Norco. The Tustin project is at 1111 Bell Ave., near Warner and Red Hill avenues, two blocks from the Tustin Legacy reuse of Marine Corps Air Station at Tustin and four miles from John Wayne Airport. The 6.1 acre site occupies a portion of the former employee parking lot for Steelcase, Inc., which moved to the City of Industry in 2002 after 30 years in Tustin. The new IBG building will include approximately 4,200 sf of offices and 9,600 sf of mezzanine space for future office expansion. The company is marketing the building for lease or for lease with an option to purchase, with completion scheduled for March, which is when the Norco project also is slated for completion. The Norco development will comprise four freestanding industrial buildings with high image architecture and two-story offices. The buildings are situated on 8.4 acres at 620, 630, 640 and 650 Parkridge Ave., close to the I-15 Freeway at the Hidden Valley Parkway interchange.The IBG projects underscore the continuing demand for industrial space in Orange County and the Inland Empire, where CB Richard Ellis recently reported that buyers acquired two industrial buildings totaling 137,000 sf at Corona Crossroads, an eight-building development at Magnolia Avenue and Sherborn Street in Corona. Newport Trading Company of Irvine, a furniture importer, purchased a 65,066-sf building in Phase I of the development, while Steel-Tech Industrial Corp., a manufacturer and distributor of steel products, purchased the adjacent building totaling 71,924 sf. CBRE’s Jim Koenig and David Consani, along with Dick Roby and Janet Valentin, represented the seller, Birtcher Commercial Development. Newport Trading was represented by Norman Shaiu with Nortco Inc. and Steel-Tech was represented by Tiffany Finlay of Western Commercial. Newport Trading Company is expected to bring approximately 35 jobs to the area, while Steel-Tech I will bring approximately 45.Demand for industrial space in Corona continues to be driven in large part by expansion and relocation of Orange County companies, Koenig says. The four buildings in Phase One of the Corona Crossroads project have now been pre-sold. Phase Two is now under construction at the two-phase industrial park, which will total 768,454 sf.

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