Lovett Industrial is acquiring more land in the Inland Empire. According to public records, the Texas-based industrial developer purchased more than 21 acres of land in Menifee’s Sun City neighborhood for a combined price of $16.6 million. The land was sold by an entity affiliated with Andrew Su.
Totaling 21.16 acres, the land is bounded by Evans Road to the east, Mclaughlin Road to the south and Barnett Road to the west. The property is also closely situated to Interstate 215 and various other uses, including residential, retail and commercial properties.
While it is unclear what plans Lovett Industrial might have for the site, the company has several other projects located in Southern California.
The company is currently working on a development in Rialto. Known as Rialto II, the project sits on more than six acres at 1910 W. Renaissance Parkway. The project will consist of 114,115 square feet of industrial space, including 36-foot clear heights, two grade-level doors, 12 dock-high doors, a 130-foot truck court and 90 parking stalls. In March, JLL announced that it had arranged $24.93 million in construction financing for the development.
Lovett Industrial is a real estate development and investment platform. According to the company’s website, Lovett Industrial currently has 26 actively owned projects, with more than 7 million square feet of projects underway and 7.7 million square feet already completed. The company also has 9.5 million square feet of projects in the pipeline across its eight U.S. markets. In addition to Southern California, the firm’s portfolio includes markets in Texas, Arizona, Pennsylvania, Colorado and New Jersey.
