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TRANSWESTERN BREAKS GROUND ON 483,500 SF OF SPECULATIVE LOGISTICS SPACE IN SOUTHERN CALIFORNIA
Two Projects in Inventory-Constrained Inland Empire to Deliver Before Year End
(FEB. 23, 2021 – NEWPORT BEACH, CALIF.) – Transwestern Development Company (TDC®) announces it has broken ground on two speculative industrial projects in Fontana, California. Totaling 483,500 square feet, the developments are adjacent to Interstates 10 and 15, providing excellent access to the entire Southern California region.
“We believe these projects align with our investment strategy to develop best-in-class logistics centers to serve in prime last-mile distribution,” said Steve Batcheller, Western Regional Partner in TDC’s National Logistics Group. “While the uncertainty in the real estate market caused by the pandemic has stalled some development progress in the industrial sector, we are excited to move forward with expanding our Southern California portfolio and confident that e-commerce will continue to drive demand for sophisticated logistics space in the country’s top industrial markets.”
Located near the intersection of Almeria Avenue and Foothill Boulevard, Almeria Logistics Center will provide 235,894 square feet of space slated for completion in third quarter 2021. QuadReal Property Group is the equity partner on the project.
The second project, I-10 Commerce Center, is located near the intersection of Boyle and Juniper avenues. With an expected delivery in fourth quarter 2021, the project will consist of two buildings at 172,219 square feet and 75,428 square feet. The equity partner is Transwestern Investment Group (TIG®).
Both projects will feature 36-foot clear height, ESFR sprinkler systems, superior dock-high loading, and large, secured concrete truck courts. The facilities are designed to accommodate the needs of sophisticated e-commerce and logistics users that require larger building volume capacity to store, pack and ship products quickly and efficiently. Colliers International is providing leasing services for both projects.
The Inland Empire industrial market exceeds 638.8 million square feet and since 2010 has posted annual gross absorption between 26.2 and 45.4 million square feet, according to Transwestern research. Gross absorption in 2020 reached 39.5 million square feet, which was slightly less than the 41.1 million square feet in 2019. This was due to decreased construction deliveries in 2020 in response to disruptions caused by COVID-19.
“The robust demand seen in the Inland Empire is driven in part by significant growth of e-commerce sales and increased storage capacity for safety reserves,” said John Privett, Partner – Southern California in TDC’s National Logistics Group. “Both Almeria Logistics Center and I-10 Commerce Center are exciting projects to help alleviate that pressure with modern logistics space.”
At present, Transwestern has 40 industrial projects totaling 20 million square feet under construction or in pre-development planning stages nationwide, including more than 2.5 million square feet in Southern California.
ABOUT TRANSWESTERN DEVELOPMENT COMPANY
Transwestern Development Company (TDC®) creates real estate landmarks for itself, its partners and valued customers throughout the United States. Part of the Transwestern companies, the diversified business develops logistics, multifamily, office, mixed-use and healthcare properties, with a pipeline of projects in process or completed since 2012 exceeding $5.6 billion.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.
Headquartered in Vancouver, Canada, QuadReal Property Group is a global real estate investment, operating and development company. QuadReal manages a $44.2 billion real estate and mortgage portfolio including 75 million square feet of industrial buildings and developments across North America, Europe and Asia Pacific. The company seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves.
ABOUT TRANSWESTERN INVESTMENT GROUP
Transwestern Investment Group (TIG®) is a real estate investment adviser with $4.7 billion of assets under management as of December 2020. Part of the Transwestern companies, the firm serves a broad range of institutional and high-net-worth clients with its full-service investment management and integrated operating platform.