A large industrial development site in Menifee has recently secured a new owner. According to public records, Jupiter Holdings sold the a portion of its Scott Road Commerce Center development site to an entity linked to Patrinely Group for about $60.8 million. The deal closed on Feb. 24.
The site is located at 33360 Zeiders Road just off the Scott Road and Interstate 215 Interchange and totals just over 33 acres. The development site is for the second phase of the project, which consists of three buildings totaling 544,115 square feet.
Colliers’ Western Region Industrial Capital Markets Group, which is comprised of Michael Kendall, Gian Bruno and Kenny Patricia, partnered with Colliers industrial experts Joey Jones and Tucker Hohenstein as well as Lee & Associates’ Gordon Mize in brokering the deal. Kendall exclusively listed the property and represented Jupiter Holdings LLC in the transaction.
“This transaction highlights the continued demand for low-risk, shovel-ready industrial development sites that allow an investor a speed-to-market opportunity in one of the most dynamic industrial markets in the country, the Inland Empire,” Kendall said. “Congratulations to both Jupiter Holdings and Patrinely on a great execution and a fantastic project—one that will shape the City of Menifee for years to come.”
The full project will total 701,262 square feet across five buildings. In July of 2022, Colliers announced the completion of the second building. That building totals 84,312 square feet with 18 dock-high doors and six grade-level doors. The first building totals 72,835 square feet, with 20 dock-high doors and six grade-level doors. The remaining three buildings are to be completed later this year, according to that announcement.
Jupiter Holdings is a Newport Beach-based investment management company. The firm was founded in 1997, and over the past decade, has completed more than 100 real estate investment transactions with an aggregate value of more than $3 billion, according to its website.
The new owner of the property, Patrinely Group, is a national real estate firm with approximately 39 years of experience in investment, development and management of various commercial properties. The company has been involved in approximately $15 billion in transactions.
