Newmark has announced the completion of a 579,708-square-foot lease transaction on behalf of Kenco Logistics Services, LLC, one of the largest woman-owned, third-party logistics companies in the United States. The firm will be locating to Perris Logistics Center located at 3900 Indian Avenue in Perris, CA.
Newmark Executive Managing Directors Ron Washle and Mark Kegans represented Kenco Logistics Services, LLC. Steve Bellitti and Thomas Taylor from Colliers International represented the property owner, Clarion Partners.
This building is an expansion for Kenco, which operates numerous facilities in the greater Inland Empire region.
Kenco will occupy the entire building. Perris Logistics Center is a state-of-the-art distribution warehouse built in 2014 and owned by Clarion Partners. The building is located near the southeast corner of Ramona Expressway and Indian Avenue.
According to Newmark research provided by Dain Fedora, research director of Southern California, the Inland Empire continues to lead other markets in absorption. Market-wide vacancy remained under 5 percent for the 24th consecutive quarter, while rent set a new record high.
The Inland Empire, located 40 miles to the east of Los Angeles, is Southern California’s last stop for companies to establish distribution or manufacturing centers within reasonable proximity of the nation’s busiest port system. The market contains 73 percent of Southern California’s Class A warehouse inventory, which provides plenty of space options for occupiers to consolidate or expand operations.
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.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.