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7/07/21
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We’ve got three recent industrial lease briefs in the Inland Empire to share. The deals total over 200k sf and took place in Chino and San Bernardino.
In one of the transactions, Sunset Pacific Transportation pre-leased Chino Industrial Center Building #8, a 136.2k sf facility located at 14522 Yorba Ave in Chino. Sunset Pacific is a California consolidator that ships nationwide.
The property, a development of Prologis, is comprised of a free-standing building that features 3.7k sf of office space, 3k sf of mezzanine, 21 dock-high loading doors, two ground-level loading doors, 32-foot clear height, 2,000 amps, 11 trailer stalls and a secured yard.
Ron Washle, SIOR and Mark Kegans, SIOR, with Newmark represented the tenant. The building is estimated to be completed before lease commencement on March 1, 2022.
The other two deals were for pre-leases at Lankershim Industrial Center, a 73.1k sf warehouse, located at 2449 E. 5th St in San Bernardino. The property includes two units – Unit 101 was pre-leased to Cargo Link Logistics. Unit 102 was pre-leased to HSL Worldwide Lighting Corporation. Each unit features an office area, dock high and ground-level loading doors, a secured yard, 400 Amp electrical service, an ESFR sprinkler system and 30-foot clear heights.
Newmark’s Washle represented the landlord, a partnership between Lankershim Industrial LP and developers Michael P. Nijjar and Ryan Liu, based in El Monte.
The Inland Empire industrial market’s experienced robust leasing activity from the last nine months of 2020, carried over into early 2021, according to Newmark Research. The vacancy rate hit a record low of 2.4% in 1Q21, with the asking rent notching a new high of $0.73. Construction activity was up 36.2% from year-end 2020. The outlook for the market remains highly bullish, given the swift growth of e-commerce sales and the forecast for a big-box logistics corridor like the Inland Empire.
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