An automotive parts distribution company is expanding in Southern California and has concluded a lease agreement for a 522,267 square foot warehouse and distribution centre in the Inland Empire. The property in question is located in Chino, California, a region characterised by a low vacancy rate for industrial space.
The lease agreement with landlord Invesco is estimated to be worth over US$42 million. This was announced on Thursday by Daum Commercial Real Estate Services, which, along with Lara CRE, represented the tenant in this transaction. Daum described the lease as a significant expansion for the tenant in Southern California, without, however, revealing the company's name or the exact duration of the tenancy.
The property, known as Building 3 at the Chino South Industrial Center, is located at 16380 Euclid Avenue in Chino. The building was constructed in 2014 and features a clear height of 32 feet (approx. 9.75 metres) as well as elevated loading docks, meeting modern requirements for logistics centres.
According to Daum's research, the direct industrial vacancy rate in the Chino submarket was only 3.24 per cent in the first quarter. The availability of large-scale distribution space remains limited in this region, which underscores the attractiveness and value of such properties.
Gus Andros of Daum represented the tenant alongside Nathan Lara, Andrew Lara, Rudy Lara, and Jack Nersesian of Lara CRE. The landlord, Invesco, was represented by Steve Bellitti, Tom Taylor, Joey Jones, and Evelyn Manning of Colliers. Colliers did not provide an immediate comment upon request.
- —Tenant Representation: Gus Andros (Daum), Nathan Lara, Andrew Lara, Rudy Lara, Jack Nersesian (Lara CRE)
- —Landlord Representation: Steve Bellitti, Tom Taylor, Joey Jones, Evelyn Manning (Colliers)
- —Property: 16380 Euclid Avenue, Building 3, Chino South Industrial Center
- —Transaction Volume: Over US$42 million
