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LAKE ELSINORE, CA-Fairway Commercial Partners of Manhattan Beachand Adler Realty Investments of Woodland Hills have acquired an18-acre site where they plan to develop a $30 million project ofindustrial and showroom space. Preliminary site plans call forapproximately 255,000 sf of industrial and showroom buildings, butbuild-to-suit facilities will also be considered, the developerssay.

The development site is near the Highway 74/Interstate 15interchange, a location that the developers say will take advantageof the scarcity of industrial land in Lake Elsinore and a currentindustrial vacancy rate in Southwest Riverside County that is lessthan 3%. Available industrial land has become increasingly scarcein Lake Elsinore over the past few years as well as in the Coronaindustrial market to the north, says Rod Oshita, principal ofFairway Commercial.