Menifee officials and two Newport Beach firms recently dug the first shovels into what will become Legado, a master-planned community with 1,000 new homes.
IHP Capital Partners and Newport Pacific Land traveled to the Inland Empire to break ground on the 330-acre community, which will also include the usual amenities such as a pool and rec center and a 13-acre public park with a community center and sports fields.
A mixed-use commercial center near the I-215 freeway will feature 20 acres of shopping and businesses.
“Legado’s official groundbreaking event marks an exciting new chapter in Menifee’s advancement as one of the fastest growing cities in California,” said Eric Koff, senior vice president of IHP Capital Partners.
Construction of Legado is expected to be completed by the summer of 2026. Residential home sales are expected to begin in the spring of 2024.
Six leases signed at Perris Spectrum
How many shops fit into an empty Walmart?
Well, in Perris that number ultimately will be five.
The former Walmart space at the Perris Spectrum retail center has been sliced into smaller chunks, making room for Fitness 19 (leasing 20,000 square feet), Harbor Freight Tools (15,633 square feet) and WSS Footwear (12,500 square feet). Two spaces remain available measuring 37,000 square feet and 20,000 square feet, according to Progressive Real Estate Partners, which is handling the leases.
Walmart exited the retail center in 2015, leaving a big retail hole at the center.
Perris Spectrum, anchored by Cardenas and Dollar Tree, also got a KFC, Little Caesars and Altura Credit Union.
Paul Galmarini at Progressive represented the landlord in the signing of all six leases.
Address: 2560 Perris Blvd.
Best Buy property sells for $39M in Riverside
The Best Buy property at 3900 Tyler St. in Riverside has traded hands for $38.8 million, according to documents provided by Vizzda, a commercial real estate data firm.
Agree Realty Corp. acquired the land Aug. 4 from Downs Riverside LLC.
The parcel includes the 82,000-square-foot retail building on 7 acres. The Best Buy was built in 1995.
DCG leases logistics space in Fontana
The family-owned third-party logistics provider DCG Fulfillment has expanded, leasing a 189,280-square-foot industrial space in Fontana, according to Newmark.
Mark Kegans and Ron Washle at Newmark represented DCG. Terms of the lease were not disclosed.
“With vacancy in the Inland Empire below 1%, options for tenants are few, and we were pleased to secure this prime distribution location for the company,” said Kegans.
According to Newmark data, industrial vacancy in the Inland Empire remains the lowest in the U.S. at just 0.8% as of the second quarter of 2022.
DCG, which is based in Ontario, has leased space in part of the larger 600,080-square-foot industrial warehouse property at 13481 Valley Blvd. Last year, the company leased a 258,737-square-feet industrial building at LogistiCenter at Rialto II, according to Newmark.
Federal money will bolster Terrace Reservoir
San Bernardino Municipal Water Department is getting $5,552,952 in federal money for its Hazard Mitigation program.
According to U.S. Rep. Pete Aguilar, the Federal Emergency Management Agency funding will help improve water services for residents and bolster the soon-to-be retrofitted steel Terrace Reservoir to reduce potential hazards.
“Extreme weather events are becoming more prevalent here in the Inland Empire and we must act now to ensure we are prepared,” said Aguilar, who recently visited the reservoir. “Ensuring our infrastructure is up-to-date and resilient in the face of floods, earthquakes, wildfires and other natural disasters will help keep residents safe.”
Fontana resident Cheryl Wynn has been appointed technical advisor at the California Public Utilities Commission. She has been acting chief of staff to Commissioner Shiroma at the California Public Utilities Commission since 2022, where she also was a senior adviser from 2020 to 2022 and senior regulatory analyst in the energy division from 2018 to 2020. This position does not require Senate confirmation; compensation is $150,012. Wynn is a Democrat.
The business briefs are compiled and edited by Business Editor Samantha Gowen. Submit items to email@example.com. High-resolution images also can be submitted. Allow at least one week for publication. Items are edited for length and clarity.