Newmark Grubb Knight Frank (NGKF) has announced a 410,006-square-foot lease for an industrial building located at 10721 Jasmine Street in Fontana.
NGKF Senior Managing Directors Ron Washle and Mark Kegans represented the owner Liberty Property Trust, a $9.5 billion real estate investment trust, and the tenant DCG Fulfillment in the 74-month lease. DCG is an Ontario, CA-based third party logistics provider that has been experiencing significant growth. This facility will be an expansion of its current warehouse portfolio.
“The Inland Empire market has remained strong as tenants continue to expand. Looking ahead, we see continued positive net absorption, more new construction, and record high growth in lease rates,” Washle said. “Net absorption in the Inland Empire reached just under 20 million square feet in 2016, making it one of the strongest markets in the country.”
“Throughout 2016 we saw strong demand for industrial space sized from 100,000 to 500,000 square feet, and see no reason that will change in 2017,” he added.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.