Iconic and Leste Partner in $12M IE Land Acquisition

Iconic Equities and Leste Real Estate U.S. have acquired a 5.6-acre land parcel in the western portion of the Inland Empire. The $12 million purchase will be used to develop a 12,500-square-foot industrial outdoor storage (IOS) property.

“The acquisition reflects our partnership’s ability to acquire property to meet the strong demand for IOS in California,” said Leste Real Estate’s Josh Patankin in a news release. “Our collaboration allows us to identify and establish new opportunities to repurpose land into highly sought-after IOS space for last-mile logistics and crucial supply chain usage for brick-and-mortar and online retailers.”

Iconic Equities founder Timothy Bishop added, “As one of our nation’s most important logistics hubs, Southern California access to ports and roadway transportation makes the Inland Empire appealing for IOS investment.”