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September 17, 2019
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Trio of Inland Empire Industrial Leases Total $56 Mil

6/19/19

We’ve got three recent Inland Empire industrial leases to report. The deals total 1.4 msf of space and have a combined value of $56 mil.

In the largest of the deals, Burlington Distribution of California will occupy a Prologis Inc developed 800.4k sf building located at 27852 Pioneer Ave in Redlands. Valued at approximately $32.5 mil, the term of the lease will run for more than seven years with options to renew. Mark Zorn with Colliers International represented Burlington in the transaction.

Prologis Park Rialto I-210 Distribution Center
Prologis Park Rialto I-210 Distribution Center

Radial Inc, a multinational e-commerce company, leased a 475.6k sf logistics building in the Prologis Park Rialto I-210 Distribution Center. Zorn, along with Colliers colleague Cory Whitman, represented Prologis Inc in the nearly six-year, $16.36 mil lease. Completed this year, the building is located at 2602 N. Locust Ave in Rialto and is accessible to the Foothill (I-210), Corona (I-15) and San Bernardino (I-10) freeways. Corporate neighbors include Target, Under Armour and LG.

In the third transaction, Amphaster Pharmaceuticals, a specialty pharmaceutical company, leased a 92.3k sf industrial warehouse building located at 9281 Pittsburgh Ave in Rancho Cucamonga. The more than 10-year lease is valued at $7.2 mil. Zorn and Whitman represented the tenant in the transaction.

Built in 1985, the renovated building is directly accessible to the San Bernardino (I-210), Corona (I-15) and Foothill (I-210) freeways, as well as the Rancho Cucamonga and East Ontario Metrolink commuter rail lines and is within close proximity to Ontario International Airport. The property is owned by a full-service real estate investment and management company.

In the past 12 months, developers have added a total of 25.8 msf of new supply to the Inland Empire industrial market, yet it still isn’t enough to meet demand, per Colliers’ latest research report on the region. According to Zorn, tightening vacancy rates that have hovered between 2% and 4% for the past 24 months are continuing to put pressure on asking rents.







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