July 6, 2021 9:00 AM
Newmark Knight Frank (“Newmark”) announces it has arranged three industrial leases, totaling more than 200,000 square feet, in Southern California’s Inland Empire.
The first transaction was a 136,200-square-foot lease at Chino Industrial Center Building #8, located at 14522 Yorba Avenue in Chino. The property was pre-leased to Sunset Pacific Transportation, a California consolidator that ships nationwide. The building is estimated to be completed before lease commencement on March 1, 2022.
Newmark’s Executive Managing Directors Ron Washle, SIOR and Mark Kegans, SIOR represented the tenant. The landlord, Prologis, was represented by an outside firm. The property is comprised of a free-standing building that features 3,671 square feet of office space, 3,034 square feet of mezzanine, 21 dock high loading door, two ground level loading doors, 32-foot clear height, 2,000 amps, 11 trailer stalls and a secured yard.
“Sunset Pacific wanted to relocate from its smaller location but stay in Chino – this facility is the perfect fit and is one of the only available buildings ranging from 100,000 to 150,000 square feet in the city,” said R. Washle. “The industrial market is extremely robust, with vacancy rates at all-time lows and rental rates at all-time highs.”
The second and third transactions include pre-leases at Lankershim Industrial Center, a 73,073-square-foot warehouse, located at 2449 E. 5th Street in San Bernardino. Newmark’s Managing Director Dean Washle represented the landlord, a partnership between Lankershim Industrial, LP and developers Michael P. Nijjar and Ryan Liu, based in El Monte. The property includes two units – Unit 101 was pre-leased to Cargo Link Logistics. Unit 102 was pre-leased at 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.
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.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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