(To read more on the industrial market, click here.)
NEWPORT BEACH, CA-Master Development Corp. has acquired two newindustrial projects for $18 million under its new $55-million jointventure with GE Asset Management. The two projects include a127,8000-sf industrial building in Corona that the JV bought for$11.5 million and 17 acres of land at the intersection of Otay MesaRoad and Alisa Court in San Diego's Otay Mesa submarket that itbought for $6 million.
Master Development plans to build a 330,000-sf project on theOtay Mesa site that will be a combination warehouse, distributioncenter and corporate headquarters. The firm will also considerselling the land or developing a build-to-suit.
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