ONTARIO, Calif., Dec. 20, 2016 - Logistics Plus Inc., a worldwide provider of transportation, logistics and supply chain solutions, has signed a long-term, full-building industrial lease at Jurupa Industrial Center in Ontario. A Cushman & Wakefield team led by Chuck Belden, Milo Lipson, and Ryan Velasquez represented the landlord Hager Pacific Properties.
Logistics Plus Inc. will establish a new operation at the 272,448-square-foot, freestanding industrial building in an expansion of its regional operations. It has an existing facility at 2207 E. Carson Street in Carson, Calif. The 20-year old, fast-growing and award-winning company has 400+ employees and provides freight transportation, warehousing, global logistics and supply chain management solutions.
The building at 1291 South Vintage Ave. sits on 11 acres at just 1.5 miles from Interstate 15. It features a fully secured yard, excellent freeway access and 64 loading doors. "The base building design, with typical 48- by 56-foot column spacing and up to 28.5-foot ceiling clearance, is suited for a variety of user types," Belden said. "The offering drew strong interest. In fact, the lease was signed prior to the current tenant vacating the space."
The rapid lease-up of 1291 South Vintage Ave. highlights the strength of the Inland Empire industrial market, where vacancy registered 4.7 percent at the end of the third quarter. It also reflects demand for both Class A and B product. "This is a solid, Class B property with an institutional ownership," Lipson noted. "The level of interest we received proves that in a market where big and new garner the most attention, there are still tenants in the market who do not need 36-foot clear ceilings and modern amenities."
Cushman & Wakefield's industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2016 globally, this group completed more than 4,799 industrial lease and sale transactions, including Capital Markets transactions, totaling nearly 185.8 million square feet with an aggregate value in excess of $6.2 billion.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Hager Pacific Properties
Hager Pacific owns and manages over 100 properties throughout the United States including 2,300 apartment units and 12 million square feet of industrial and commercial property. The portfolio is valued at nearly $2 billion. To learn more, visit www.hagerpacific.com.
Evelyn Weiss Francisco