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4/06/15
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A private fund advised by Crow Holdings Capital - Real Estate and Seefried Properties have acquired nearly 43 acres of fully entitled, shovel-ready land in the Inland Empire city of Redlands where they will construct a two-building, spec industrial project. The development, to be called Redlands Logistics Center, will consist of state-of-the-art, warehouse buildings totaling nearly 1 msf of space.
Formerly known as the Alabama and Almond site, the parcel is strategically located close to highway, rail and air cargo transit hubs and also features direct access to the ports of Los Angeles and Long Beach via nearby I-10. It also has direct access to Interstate 210, the San Bernardino Airport, and BNSF Railroad’s intermodal facility in adjacent San Bernardino. `
Construction of the structures will start simultaneously with a target start date of mid-June. The two buildings will contain 614.3k sf and 313.5k sf of space.
A pair of Colliers International brokerage teams represented the fund in the acquisition. Those teams were comprised of Managing Directors Rick Putnam and Bret Hardy of the firm’s Western Region Capital Markets Group; and Senior Vice Presidents Tom Taylor and Steve Bellitti, plus Vice President Josh Hayes and Senior Associate Summer Coulter, of the firm’s Ontario, California brokerage office. The Ontario-based brokers also were named the project’s exclusive leasing brokers.
“Access to large, functional Class A distribution buildings is extremely limited in the LA/OC markets so it is no surprise that the Inland Empire has become corporate America’s new home,” said Taylor. “This purchase by the partnership was a smart, timely acquisition based on sound market fundamentals and a build-to-core strategy.”
The new logistics center development will feature the following:
• Excellent loading, yard and trailer-storage specifications.
• Building depths of 377 feet and 329 feet with truck courts of 185 feet for both buildings.
• High-image, high-visibility headquarters-type locations with frontage on both Alabama Street and Almond Avenue.
• Highly divisible space to accommodate a variety of potential companies.
• Multiple points of access from two different streets will provide excellent truck and automobile access.
• Less than 10 miles from the BNSF San Bernardino Intermodal Facility located at the 215 Freeway and Foothill Boulevard in the City of San Bernardino.
• The Redlands Industrial Market is currently 5.2 percent vacant, with average asking rents for new product trending at the low 40 cents per-square-foot net level.
• Attractive San Bernardino County Transportation Uniform Mitigation Fee (TUMF) at just 73 cents per building foot along with lower than average off-sites estimated at $1.10 per land foot.
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