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October 27, 2020
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CT Realty and PGIM Real Estate to Develop 4.4 msf Logistics Project in the Inland Empire


CT Realty and PGIM Real Estate plan to develop a state-of-the-art, multi-building logistics project in the Inland Empire. The fully entitled 4.4 msf development, Agua Mansa Commerce Park, has undergone significant predevelopment by CT Realty, who will begin sitework immediately and plans shell completion of the first buildings by summer 2021.

The joint venture purchased the site from Denver-based Crestmore Development, managed by Viridian Partners, for an undisclosed price. While the land price for this transaction has not been confirmed, other comparable sales prices for entitled industrial land in the broader Inland Empire have exceeded $1 mil an acre, putting the value of this land above $200 mil.

Agua Mansa Commerce Park will feature three buildings over 1 msf in a cross-dock design with 40-foot clear height, plus two buildings with approximately 200k sf each and 32-foot clearance designed for regional last-mile distribution users. The project is in Jurupa Valley, providing immediate distribution access to 25 million people throughout Southern California.

PGIM Real Estate has invested in the development on behalf of institutional investors in its U.S. core plus equity fund. Darla Longo, Barbara Emmons Perrier and Dan De La Paz with CBRE represented the seller in the land sale. CT Realty represented itself.

“Developing a project of this magnitude on a spec basis speaks volumes to the confidence we have in the overall market, the project, and in this fantastic location,” said Carter Ewing, managing partner at CT. “We are fortunate to have the strongest industrial market in the U.S. right here in Southern California, and consistent with our experience in other major markets across the country, we expect to see tremendous tenant interest.”

E-commerce sales, an already strong and growing demand driver for industrial distribution space, have spiked during the coronavirus pandemic and are estimated to grow by 18% this year, the highest year over year increase on record according to eMarketer. E-commerce growth has reshaped industrial demand for the last several years and places a premium on infill sites within densely populated areas.

The 206-acre project is CT’s third project to be developed with PGIM Real Estate in the past few years. CT and PGIM Real Estate recently completed a 13-building development program in Southern California and are currently breaking ground on the third phase of their 3 msf Palmetto Logistics Park in the greater Atlanta market.

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