Newmark announced the completion of a 9.87-acre sale of industrial-zoned land located on Harley Knox Blvd. in Perris, CA.
The buyer plans to develop an approximately 210,000-square-foot industrial building at the site at the southwest corner of Harley Knox Blvd and Redlands Ave. Last year, Circle Industrial completed an adjacent two-building project totaling 594,400-square-feet of space.
According to Newmark’s 2Q17 Industrial Market report for the Inland Empire, industrial vacancy has been under five percent for 17 consecutive quarters, while the average asking rent is hovering near a record high.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’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.
Newmark 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.