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11/30/20
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Columbia Aluminum Products, Tyger Auto, Mascot International Logistics and Web Deal Direct have signed leases for the entire 731.2k sf of space at Shea Center West Corona, a recently completed, three-building industrial project in Corona.
Located at 1150-1170 W. Rincon St, the brand new, state-of-the-art industrial complex was completed in 2020. The property features ESFR sprinkler system, 32 dock-high doors, drive-around truck court and private, fenced yards. The site is within three miles of the interchange between I-15 and SR 91, two major freeways that connect Corona to the rest of Southern California.
The project, developed by OC-based Shea Properties, was completed in January 2020. It is now fully leased, with two of the buildings each being occupied by a single tenant, and the third structure being leased by two tenants.
CBRE’s Ben Seybold, Sean Ward, and Dan de la Paz represented Shea Properties in the transaction. The tenants were repped by outside firms.
According to Ward, they were able to lease the entire project in two stages, with the first building being fully committed within 60 days of the project’s completion and the balance within nine months, at record-high lease rates
Net absorption in the Inland Empire industrial market in the third quarter of 2020 was the second highest recorded since 2010, according to a CBRE research report. At 6.7 msf, it was just shy of the all-time high of 6.8 msf in the fourth quarter of 2018. More than 160 new leases and user sales were executed in the third quarter of 2020, well above the average of 97 transactions per quarter since 2010.
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