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10/19/16
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International Airport Centers has broken ground on IAC Commerce Center, a nine-building, 1.3 msf industrial park in Valencia. Buildings will vary from 93.6k sf to 216.3k sf in size, and build-to-suits are available as large as 550k sf.
The IAC Commerce Center is a master-planned, 116-acre business park located adjacent to the Valencia Commerce Center and approximately one mile northwest of the I-5 and Hwy 126 interchange. The project sits adjacent to the planned community of Newhall Ranch, which will encompass more than 20,000 homes and 60,000 residents. It is minutes from Valencia Town Center, Town Center Drive, Spectrum Club, Valencia Marketplace, Restaurant Row and Bridgeport Marketplace featuring scores of restaurants and shops.
The project is surrounded by an established commercial and industrial market with more than 25 msf of industrial and office properties. The population within a 30 minute commute is approximately 3 million, including parts of the Santa Clarita Valley, San Fernando Valley and Antelope Valley.
Phase I of the project is expected to be completed by next April. Leasing is being handled by CBRE’s Craig Peters and Doug Sonderegger, who tell us they’ve already received quite a few inquiries from companies looking for more space in the region.
“This is an exciting project for us, said Michael Perlmutter, associate at International Airport Centers Inc, the developer of the project. “The Greater Los Angeles area is in such dire need of more quality industrial space. The accessibility of this site and its ability to accommodate so many different companies and different needs will make this a much-needed and well-received project in this region.”
The Valencia industrial submarket, which has a record low vacancy rate of 1.86 percent, has been one of the strongest in Southern California since the recovery. Vacant space in Valencia, especially for larger buildings, has become very limited and rental rates have been steadily rising to reflect this lack of supply. With limited land available for future development, demand is expected to continue to outpace supply in the foreseeable future.
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