Newport Beach and Ontario, Calif. (June 11, 2021) – Alere Property Group, one of the largest and most active developers and investors of industrial real estate in Southern California, today announced that development is underway at 1656 S. Cucamonga Avenue, a Class A ±211,000-square-foot speculative industrial warehouse in Ontario, Calif. At completion, the project will feature 40-foot clear height and ±5,000 square feet of two-story office space. Additionally, Alere acquired two existing Orange County industrial assets in separate transactions. The acquisitions are located in Irvine and Huntington Beach and collectively add ±167,000 square feet to Alere’s well-established portfolio, which includes over 30 million square feet of high-quality Southern California industrial space valued at over $5.5 billion.
“As the industrial real estate market maintains its momentum in 2021, Alere continues to deliver best-in-class assets in key locations throughout the Southern California basin,” said Clark Neuhoff, chief development officer at Alere Property Group. “With a +$500-million-square-foot development pipeline, and growing, Alere is excited to bring a well-designed, state-of-the-art industrial asset to the supply-constrained Inland Empire West Ontario submarket. 1656 S. Cucamonga Avenue incorporates all the modern features required by today’s leaders in logistics and distribution.”
Alere’s latest ground-up development, 1656 S. Cucamonga Avenue will feature 23 dock-high doors, two ground-level doors and a 185-foot truck court with extra trailer parking. The 9.3-acre project is located near the intersection of S. Cucamonga Avenue and E. Francis Street, southwest of the Ontario International Airport. It provides efficient access to major Southern California transportation routes, in addition to FedEx, UPS and the BNSF Intermodal Rail Yard. The project’s slab pour occurs this month with wall tilt-up scheduled for July 2021. Completion is estimated in Q3 2021. The property’s lease is represented by NAI Capital’s Lee, Chang, Kuehn, Fua Group.
• 1062 McGaw Avenue is a 5.2-acre industrial property in Irvine that was formerly owned and occupied by Ricoh USA. Alere has commenced a redevelopment plan for the site with project completion scheduled for 2023. The new state-of-the-art industrial facility will be approximately 120,000 square feet with 36-foot clear height and will include 13 dock doors and two ground-level doors. Project completion is scheduled for 2023. The project is located within Orange County’s Irvine Business Complex (IBC), within the Greater Airport Area submarket. It is adjacent to the northbound 55 freeway and offers prime visibility.
• 14422 Astronautics Drive is a Class A ±47,000-square-foot warehouse in Huntington Beach. The 2.1-acre property is currently occupied by Terrible Herbst Motorsports and is outfitted with high-end finishes, a unique feature for the surrounding industrial area. Set amongst several aerospace, technology and manufacturing-based businesses, the property is easily accessible to the I-405 and CA-22 freeways, John Wayne Airport and the Ports of Los Angeles and Long Beach, making it a strong “last mile” location. The property features 26-foot clear height, a secured fenced yard and three ground-level doors with potential to add up to two dock-high doors.
“The McGaw and Astronautics properties fit well into Alere’s long-term investment approach and strengthen its West Orange County portfolio, which now totals over 750,000 square feet of industrial space,” said Alan Carmichael, senior vice president of investments at Alere Property Group. “Alere’s strategy is focused on investing in high-quality infill industrial assets in areas that are increasingly more difficult to develop, and these acquisitions complement the portfolio’s mix of large format properties and medium-sized buildings ranging from 20,000 to 70,000 square feet.”
Alere’s total portfolio includes over 8 million square feet of industrial space in the Greater Los Angeles and Orange County infill markets and over 20 million square feet within the Inland Empire West and East submarkets. The firm targets large-scale ground-up development opportunities ranging from 25,000 to over 1 million square feet in Southern California. It also seeks core and value-add investment opportunities throughout the Southern California region, specifically targeting the infill submarkets of Los Angeles and Orange counties.
About Alere Property Group
Founded in 2003, Alere Property Group is one of the largest and most established owners of industrial real estate in Southern California with a robust portfolio of over 30 million square feet of high-quality industrial space valued at over $5.5 billion. The Newport Beach-based company is an efficient, vertically integrated operation with capabilities spanning all functions of investment and development. Focused on creating long-term value, Alere builds sleek and modern industrial facilities that exceed expectations in design, functionality and efficiency in locations critical to meeting the complex needs of the world’s most sophisticated e-commerce, distribution and manufacturing corporations. For more information, visit alerellc.com. Follow the company on LinkedIn.