Newmark, in cooperation with CBRE, has announced the sale of an approximately 9.87-acre development site for a planned industrial development in Perris in the highly desirable Inland Empire market. The site is located off the 215 freeway and in close proximity to March Air Reserve Base at the southwest corner of Harley Knox Boulevard and Redlands Avenue in Perris, CA.
Newmark Executive Managing Directors Ron Washle and Mark Kegans and Managing Director Dean Washle along with CBRE’s Darla Longo and Barbara Perier represented both the buyer, The Carson Companies, and seller, Circle Development, in the transaction. Newmark will be retained by Carson to market for lease a planned industrial development.
Prior to the sale, Circle Development fully entitled the site with development permits. Carson will start construction in July 2019 on a 210,900-square-foot industrial warehouse with expected completion by early 2nd Quarter 2020.
The planned building will feature 32’ minimum warehouse clear height, 34 dock high doors (11 with 35,000 lb mechanical pit levelers), 2000 amps of power, ESFR sprinkler system, 7’ slab (4000 psi) and LED warehouse lighting.
“This building will add to the supply of under-construction industrial projects in the Inland Empire, where vacancy rate is at 3.5 percent,” said Ron Washle.
According to Newmark’s 2Q 2019 Inland Empire Industrial Market report, nearly 30 million square feet of industrial space is under construction. New construction leasing continues to drive absorption activity with 90 percent of this quarter’s absorption gains coming from facilities built since 2017. Additionally, peak pricing abounds amid near record-low vacancy and fierce competition for new supply. This is compounded by extremely tight vacancy in Los Angeles at 1.1 percent, making the Inland Empire the last stop in Southern California for companies looking to establish distribution centers within reasonable proximity to the nation’s busiest port system, where 40 percent of imports from Asia enter the United States.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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