November 19, 2021 9:00 AM
Newmark[1] announced it has completed two major industrial leasing transactions in the Inland Empire, totaling over 600,000 square feet. Newmark Executive Managing Directors Ron Washle and Mark Kegans arranged the transactions.
The first transaction was DNA Motor’s 350,000-square-foot lease at 20301 E. Walnut Drive North in City of Industry, California. Washle, Kegans and Newmark Managing Director Jim Center represented the landlord, Lamps Plus. Newmark Executive Managing Director Rick Sheckter and Director Johnson Chein represented DNA Motor, Inc. Lamps Plus is the largest lighting retailer in the U.S. and DNA Motor is a major supplier of automotive exhaust and lighting products.
20301 E. Walnut Drive North is a 350,000-square-foot warehouse/distribution building featuring cross-dock loading on three sides, 35 dock high positions, nearly 10,000 square feet of office space and 25’-30’ warehouse ceiling clearance heights. The property also has prime access to California State Route 60.
The second transaction was DCG Fulfillment’s lease with landlord Dermody Properties for 258,737 square feet at LogistiCenter at Rialto II, located at 1645 W Renaissance Parkway in Rialto, California. Washle and Kegans represented DCG Fulfillment, a family-owned third-party logistics provider based in the Inland Empire.
LogistiCenter at Rialto II is a 258,737-square-foot warehouse/distribution building located in the Renaissance Rialto master planned development. The property completed construction in January 2021 and is strategically located between the I-210, I-15, and I-215 freeways offering easy access to Southern California and the Western U.S.
“Our team was pleased to complete these transactions among the unprecedented competition for industrial space in the Inland Empire,” said Washle. “Warehouse and distribution space is in high-demand across the region, with most buildings attracting multiple tenant offers.”
The insatiable demand for industrial space in the region has led to record-low vacancy. According to Newmark Research, industrial vacancy in the Inland Empire is now lower than in Los Angeles, registering 1.0% as of the third quarter of 2021. This is remarkable considering the significant amount of new supply added to the market in recent years as well as the fact that Los Angeles is a highly mature infill market with lower drayage costs to and from the ports.
[1] Dba Newmark Knight Frank in California
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. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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