A JV of Waypoint Property Group and the Lewis Group of Cos acquired the development rights and master developer designation for the remaining 875 acres in Riverside County’s Meridian Business Park. Newport Beach-based Waypoint president David Team says the partnership plans to invest significant capital to improve an initial 220 acres for commercial development, including logistics facilities, to take advantage of the resurgence of the Inland Empire. The 1,290-acre, master planned Meridian Business Park is part of the former March Air Force Base. Cushman & Wakefield's Phil Lombardo, Chuck Belden and Andrew Starnes repped both the buyer and seller.
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