Shea Properties is expanding its portfolio in the Inland Empire. The Aliso Viejo-based firm recently acquired more than 11 acres of land in Fontana from an entity linked to the Diocese of San Bernardino. The firm paid $13 million, according to a report from Vizzda.
The property is situated on the northeast corner of Sierra Avenue and Casa Grande Avenue and is proposed for a large-scale industrial development, according to city records. The proposal includes the construction of a 199,999 square foot building with 188,000 square feet of warehouse space and up to 19,999 square feet of office. The building would also include 34 dock doors and two grade doors as well as 168 parking spaces.
The currently vacant land is situated in northern Fontana just off Interstate 15. Nearby are several other industrial centers, including several Target distribution centers, a LGE Electronics warehouse and FedEx.
Shea Properties is a real estate company with a focus on the acquisition, design, development, construction, leasing and management of industrial, office, retail and residential projects. According to its website, the firm currently owns and operates approximately 10,000 apartment units and six million square feet of office, industrial and retail space in California, Colorado and Washington.
“Shea Properties is known for its unique approach to transforming land into premier living, working and shopping environments. By identifying the highest potential value and optimal use for any given property and applying a highly-focused development strategy, the company is able to use its diverse experience to create successful retail, business, and residential developments,” the firm’s website states.
