February 2, 2023 9:00 AM
Newmark announces the 864,000-square-foot industrial lease renewal with NFI Industries, a supply chain solutions provider, at Perris Distribution Center in Perris, California.
Newmark Executive Managing Directors Mark Kegans, SIOR and Ron Washle, SIOR and Managing Director Dean Washle represented the landlord, Ares Management, formerly known as Black Creek Group.
“Our team was pleased to represent Ares Management in such this substantial lease renewal,” said Kegans. “Perris Distribution Center is in a prime location for logistics and distribution, as evidenced by the location’s top-tier tenant roster.”
Located at 657 Nance Street in Perris, Perris Distribution Center is a two-story cross-dock facility expandable to ±1,137,000 square feet. Building features include approximately 7,000 square feet of office space, minimum 36’ warehouse clearance height, ESFR sprinkler system, LED warehouse lighting, 112 dock-high loading doors and concrete truck courts. The ±43-acre parcel offers 298 auto parking spaces and 224 trailer parking spaces, including an auxiliary parcel to accommodate up to 154 trailer parking spaces or approximately 530 auto parking spaces.
Perris Distribution Center is proximate to Freeway 215, with on and off-ramps at Harley Knox Boulevard to the north and Ramona Expressway to the south. Neighboring industrial tenants include The Home Depot, General Mills, Ross, iHerb, Amazon and Wayfair, to name a few.
The national industrial market has remained resilient despite recent economic and geopolitical headwinds, according to Newmark Research. For the fifth consecutive quarter, national industrial absorption topped 100 million square feet. The persistent imbalance between demand and new deliveries has pushed vacancy down to 3.7%, likely a cyclical low. Demand remains strong for industrial space with absorption continuing to outpace deliveries.
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 of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark 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. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark 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’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
- Press Releases >
- Newmark Negotiates 864,000-Square-Foot Industrial…
Newmark Negotiates 864,000-Square-Foot Industrial Lease Renewal in Perris, California
Thank you for sharing your information with Newmark!