DEFINITION of 'Industrial Park'
A portion of a city that is zoned for industrial use (as opposed to residential or commercial use). Industrial parks may contain oil refineries, ports, warehouses, distribution centers, chemical plants, plastics manufacturers, airports, food and beverage processors, and steel manufacturers, to name just a few examples. Some industrial parks offer tax incentives for businesses to locate there, such as tax increment financing.
BREAKING DOWN 'Industrial Park'
For example, the Wilmington Industrial Park in Los Angeles is located near a major international shipping facility (the Los Angeles and Long Beach ports), a railroad, and numerous freeways with access to major trucking routes. Types of businesses located there include a cold-storage facilities, food distribution warehouses, engine parts companies and many others.