North Palisade Partners, a development and investment firm focused on industrial, industrial outdoor storage and self-storage properties, acquired a nearly 17-acre site at 1101 California St. in Redlands, California for $44.5 million. The Inland Empire East property formerly housed a waterpark that closed in 2018 and is envisioned to be transformed into a modern, Class A warehouse distribution facility.
“Demand for larger blocks of functional industrial space across Southern California remains strong and competition for sites in the Inland Empire is fierce,” said Joe Mishurda, founder and managing partner of Los Angeles-based North Palisade Partners. “We plan to redevelop the former Splash Kingdom waterpark, that was vacated five years ago, into a warehouse distribution building to meet demand from a variety of users.”
The facility will be located in Southern California’s Inland Empire East submarket, which had an industrial vacancy rate of 1.7% at of the end of Q1 2023. This site sits along Interstate 10. The Inland Empire has been one of the top-performing industrial markets in the country for the past five years, the company reported.
Hunter Warner of Lee & Associates represented the buyer and unnamed seller in the transaction.
