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6/10/21
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Alere Property Group is underway with development at 1656 S. Cucamonga Ave, a Class A, 211k sf spec industrial warehouse in Ontario. At completion, the project will feature 40-foot clear height and 5k sf of two-story office space.
Additionally, Alere acquired two existing Orange County industrial assets in separate transactions. The acquisitions are located in Irvine and Huntington Beach and collectively add 167k sf to Alere’s portfolio, which includes over 30 msf of high-quality Southern California industrial space valued at over $5.5 bil.
1656 S. Cucamonga Ave, Ontario |
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Alere’s latest ground-up development, 1656 S. Cucamonga Ave, will feature 23 dock-high doors, two ground-level doors and a 185-foot truck court with extra trailer parking. The 9.3-acre project is located near the intersection of S. Cucamonga Ave and E. Francis St, southwest of the Ontario International Airport. It provides efficient access to major Southern California transportation routes, in addition to FedEx, UPS and the BNSF Intermodal Rail Yard.
The project’s slab pour occurs this month with wall tilt-up scheduled for July 2021. Completion is estimated in Q3 2021. The property’s lease is represented by NAI Capital’s Lee, Chang, Kuehn, Fua Group.
The company’s recent acquisitions include the following assets:
• 1062 McGaw Ave: a 5.2-acre industrial property in Irvine that was formerly owned and occupied by Ricoh USA. Alere has commenced a redevelopment plan for the site with project completion scheduled for 2023. The new state-of-the-art industrial facility will be approximately 120k sf with 36-foot clear height and will include 13 dock-doors and two ground-level doors. Project completion is scheduled for 2023. The project is located within Orange County’s Irvine Business Complex (IBC), within the Greater Airport Area submarket. It is adjacent to the northbound 55 freeway and offers prime visibility.
• 14422 Astronautics Drive: a Class A, 47k sf warehouse in Huntington Beach. The 2.1-acre property is currently occupied by Terrible Herbst Motorsports and is outfitted with high-end finishes, a unique feature for the surrounding industrial area. Set amongst several aerospace, technology and manufacturing-based businesses, the property is easily accessible to the I-405 and CA-22 freeways, John Wayne Airport and the Ports of Los Angeles and Long Beach, making it a strong “last mile” location. The property features 26-foot clear height, a secured fenced yard and three ground-level doors with potential to add up to two dock high doors.
“The McGaw and Astronautics properties fit well into Alere’s long-term investment approach and strengthen its West Orange County portfolio, which now totals over 750k sf of industrial space,” said Alan Carmichael, senior vice president of investments at Alere Property Group. “Alere’s strategy is focused on investing in high-quality infill industrial assets in areas that are increasingly more difficult to develop, and these acquisitions complement the portfolio’s mix of large format properties and medium-sized buildings ranging from 20k sf to 70k sf.”
Alere’s total portfolio includes over 8 msf of industrial space in the Greater Los Angeles and Orange County infill markets and over 20 msf within the Inland Empire West and East submarkets. The firm targets large-scale ground-up development opportunities ranging from 25k sf to over 1 msf in Southern California. It also seeks core and value-add investment opportunities throughout the Southern California region, specifically targeting the infill submarkets of Los Angeles and Orange counties.
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