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5/13/20
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We’ve learned that a very large logistics facility in the Inland Empire is available for lease. The property, owned by CenterPoint Properties, is a 1.63 msf facility on over 94 paved acres at 5600 E. Airport Rd, just south of I-10 and just east of I-15 in Ontario.
CenterPoint acquired the asset earlier this year in an off-market deal. The property, which has been a Kmart distribution center for a long time, offers divisibility potential and includes 13.8k sf of office space and abundant parking with 954 trailer spaces and 580 car stalls. It is situated just a few blocks from Ontario Mills.
CBRE’s Dave Consani and Bret Quinlan have the listing assignment for the property. According to Consani, the sheer size of the facility and acreage is incredibly rare in today’s landscape. An asking lease rate was not disclosed.
Southern California’s Inland Empire is recognized as one of the country’s most robust industrial markets, and over the past decade, the region has experienced explosive growth with record low vacancy and rising lease rates. Home to a variety of industrial and logistics industries including e-commerce, manufacturing and 3PL’s, this locale will continue to be a hub of industrial growth.
The COVID-19 pandemic has forced some states to impose strict stay-at-home orders that are adversely affecting many industries. This is leading the U.S. economy into a recession. Despite the downturn, robust fundamentals in the first quarter showcase that the U.S. industrial market was on solid ground prior to the COVID-19 pandemic, according to CBRE research. Although market conditions have shifted considerably since mid-March, there still is strong evidence of industrial sector resiliency.
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