88-Acre Parcel Sold in Riverside
LNR PROPERTY CORPORATION ANNOUNCES SALE OF 88-ACRE PARCEL AT MERIDIAN BUSINESS PARK TO TESCO STORES WEST, INC.
RIVERSIDE, Calif., August 8, 2006 - Tesco Stores West, Inc., a wholly owned subsidiary of Tesco PLC (NASDAQ:TSCDY and LONDON:TSCO), is opening its first United States operations at Meridian, LNR Property Corporation's (LNR) master-planned business park located on the western portion of the former March Air Force Base in Riverside County, Calif. Escrow recently closed on the parcel totaling 88.4 acres.
Tesco will commence grading next month on the site under the jurisdiction of the March Joint Powers Authority, the local land use and permitting authority. The new distribution facility, located at the southeast corner of Meridian Parkway and Innovation Drive, to open in mid 2007, is expected to bring over 500 jobs to the site initially and increase as the facility expands.
"Meridian met all of our requirements as a first-class business park with long-term value, which is important to us as an owner of our facility. It is also in an excellent location for us to commence our business platform in Southern California and the United States. We look forward to opening our facility at Meridian and developing our partnership with LNR," said Tony Eggs, Chief Real Estate Officer, USA for Tesco.
"LNR is pleased to have Tesco as a signature anchor user at Meridian. We believe Tesco was attracted to the large, rectangular improved parcel with available utilities and the entitlements in place at Meridian to meet their occupancy goal. Tesco, along with other top tier companies, will create the jobs that we have been seeking for this master-planned business park," said Lang Cottrell, President of LNR's Commercial Property Group's Western Region South Division.
The parent company, Tesco PLC, is based in the United Kingdom. Tesco has over 2,700 stores and employs over 380,000 people internationally in 13 countries.
Tesco's facility is being designed by EA Bonelli & Associates of Oakland, Calif. and will be constructed by The Facility Group of Newport Beach, Calif. and Smyrna, Ga.
Meridian, a master-planned business park designed with growing companies in mind, is nearly 1,000 net acres and provides an unparalleled business park environment at this prime location in the East Inland Empire. The project has three miles of freeway frontage on Interstate 215, Foreign Trade Zone designation, a future Metrolink Station, rail spurs with BNSF service, a variety of lot sizes and zoning available, attractively priced land and build to suit opportunities. Meridian, where commerce meets the world.
Jay Dick and Brian Polkinghorne of CB Richard Elllis represented Tesco in the transaction. Walt Chenoweth, Frank Geraci, Art Day and Dan de la Paz of CB Richard Ellis in Ontario, Calif. represented LNR.
The Commercial Property Group of LNR, with its national development office headquartered in Newport Beach, Calif., is a major redeveloper of former military bases including South Weymouth (Southfield) in Massachusetts; Mare Island, Hunters Point, El Toro (Heritage Fields), and March Air Force Base (now Meridian) in California. The Commercial Property Group is additionally supported by four regional offices located in Newport Beach, Calif.; Dallas, Texas; Boston, Mass.; and Atlanta, Ga. Local market offices include Atlanta, Ga.; Boston, Mass.; Charlotte, N.C.; Dallas, Texas; Denver, Colo.; Miami Beach, Fla.; and throughout California, including Los Angeles, Newport Beach, Sacramento, San Diego, San Francisco, Valencia and Vallejo.
About LNR Property Corporation
LNR Property Corporation (LNR), a subsidiary of LNR Property Holdings Ltd., has been engaged in the development, ownership and management of commercial land, office, industrial, retail and multi-family properties nationwide since 1969. LNR's Corporate Headquarters is located in Miami Beach, Florida, while the Commercial Property Group's National Headquarters is based in Newport Beach, Calif.
LNR is invested in large commercial land development and redevelopment transactions that vary in size from $10 million to over $100 million. LNR Property Holdings Ltd. and its subsidiaries have assets of approximately $3 billion.
RIVERSIDE, Calif., August 8, 2006 - Tesco Stores West, Inc., a wholly owned subsidiary of Tesco PLC (NASDAQ:TSCDY and LONDON:TSCO), is opening its first United States operations at Meridian, LNR Property Corporation's (LNR) master-planned business park located on the western portion of the former March Air Force Base in Riverside County, Calif. Escrow recently closed on the parcel totaling 88.4 acres.
Tesco will commence grading next month on the site under the jurisdiction of the March Joint Powers Authority, the local land use and permitting authority. The new distribution facility, located at the southeast corner of Meridian Parkway and Innovation Drive, to open in mid 2007, is expected to bring over 500 jobs to the site initially and increase as the facility expands.
"Meridian met all of our requirements as a first-class business park with long-term value, which is important to us as an owner of our facility. It is also in an excellent location for us to commence our business platform in Southern California and the United States. We look forward to opening our facility at Meridian and developing our partnership with LNR," said Tony Eggs, Chief Real Estate Officer, USA for Tesco.
"LNR is pleased to have Tesco as a signature anchor user at Meridian. We believe Tesco was attracted to the large, rectangular improved parcel with available utilities and the entitlements in place at Meridian to meet their occupancy goal. Tesco, along with other top tier companies, will create the jobs that we have been seeking for this master-planned business park," said Lang Cottrell, President of LNR's Commercial Property Group's Western Region South Division.
The parent company, Tesco PLC, is based in the United Kingdom. Tesco has over 2,700 stores and employs over 380,000 people internationally in 13 countries.
Tesco's facility is being designed by EA Bonelli & Associates of Oakland, Calif. and will be constructed by The Facility Group of Newport Beach, Calif. and Smyrna, Ga.
Meridian, a master-planned business park designed with growing companies in mind, is nearly 1,000 net acres and provides an unparalleled business park environment at this prime location in the East Inland Empire. The project has three miles of freeway frontage on Interstate 215, Foreign Trade Zone designation, a future Metrolink Station, rail spurs with BNSF service, a variety of lot sizes and zoning available, attractively priced land and build to suit opportunities. Meridian, where commerce meets the world.
Jay Dick and Brian Polkinghorne of CB Richard Elllis represented Tesco in the transaction. Walt Chenoweth, Frank Geraci, Art Day and Dan de la Paz of CB Richard Ellis in Ontario, Calif. represented LNR.
The Commercial Property Group of LNR, with its national development office headquartered in Newport Beach, Calif., is a major redeveloper of former military bases including South Weymouth (Southfield) in Massachusetts; Mare Island, Hunters Point, El Toro (Heritage Fields), and March Air Force Base (now Meridian) in California. The Commercial Property Group is additionally supported by four regional offices located in Newport Beach, Calif.; Dallas, Texas; Boston, Mass.; and Atlanta, Ga. Local market offices include Atlanta, Ga.; Boston, Mass.; Charlotte, N.C.; Dallas, Texas; Denver, Colo.; Miami Beach, Fla.; and throughout California, including Los Angeles, Newport Beach, Sacramento, San Diego, San Francisco, Valencia and Vallejo.
About LNR Property Corporation
LNR Property Corporation (LNR), a subsidiary of LNR Property Holdings Ltd., has been engaged in the development, ownership and management of commercial land, office, industrial, retail and multi-family properties nationwide since 1969. LNR's Corporate Headquarters is located in Miami Beach, Florida, while the Commercial Property Group's National Headquarters is based in Newport Beach, Calif.
LNR is invested in large commercial land development and redevelopment transactions that vary in size from $10 million to over $100 million. LNR Property Holdings Ltd. and its subsidiaries have assets of approximately $3 billion.
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