Core5 Industrial Partners is one step closer to making its large industrial project planned for Menifee a reality with the recent acquisition of the development site. Earlier this month, the industrial developer acquired the 72.12-acre site for $20 million from an entity associated with Rancon Group, public records show.
The site of the Menifee Commerce Center project is bounded by McLaughlin Road to the south, Ethanac Road to the north, Dawson Road to the east, and Trumble Road to the west, and situated in the northeastern portion of Menifee, according to planning documents filed with the City. In total, the site encompasses seven parcels of land.
Overall, the project is set to include approximately 1.6 million square feet of industrial space, including more than 1.4 million square feet of warehouse space, 24,500 square feet of office space and a 144,220 square foot mezzanine. The project will be located between two buildings and also include 911 parking spaces and 523 trailer spaces.
Based in Atlanta, Core5 Industrial Partners was founded in 2015 and develops industrial properties across the nation. The company has delivered more than 250 million square feet of logistics space since its founding. Core5’s website shows that the company is also owned by Kajima USA Inc., and has offices throughout the United States, including in Los Angeles.
The Rancon Group was founded in 1971 and has sold, acquired and developed more than one thousand acres of residential, commercial and industrial properties. The company’s current portfolio is estimated at $280 million.
The city of Menifee is home to a number of industrial developments. One project currently underway is the Scott Road Commerce Center, which is located at 33360 Zeiders Road. In July, Jupiter Holdings LLC, the owner of the project, announced the completion of the second of five buildings to be completed at the site. Once finished, the industrial development will total 701,262 square feet.
