Industrial building planned for Palm and 5th

A Houston-based real estate investment firm will build a 285,000-square-foot industrial building on land it has purchased recently in Highland.

Lovett Industrial plans to develop the project on 13 acres of open space immediately north of the Palm Avenue and West 5th Street intersection just outside San Bernardino’s 1st Ward.

Cost of the land was not disclosed.

The speculative project will be Lovett Industrial’s first in Southern California.

“The Inland Empire is the most sought-after, highest barrier-to-entry industrial market in the country, and we are thrilled to announce our first of many projects here,” said Ted Hart, Lovett Industrial’s senior managing director,  in the statement. “Tenant demand shows no sign of relenting, and we are looking for more opportunities across Southern California.”

Entitlement has begun, and construction is expected begin late next year, according to a statement by the company.