EASTVALE, CA—CBRE Group has completed the sale of a 53-acre fully entitled industrial development site here, called The Campus, to Orbis Real Estate Partners and Chase Partners.

CBRE's Barbara Emmons, Darla Longo, Brett Hartzell, and Michael Kendall, the firm's National Partners-West Coast Team, represented the seller, Preeminent Investment Corp. The new owners will be developing a 10-building, 715,000 square-foot industrial project valued at more than $100 million. The project will be built in one phase with construction starting immediately. More than 50% of the space is already spoken for by various tenants and users CBRE is handling the leasing and sales for The Campus.

Eastvale, located just south of Ontario, sits in California's Inland Empire where industrial vacancies closed the second quarter at 3.7 percent, a level not reached in the Inland Empire since late 2006 to early 2007, according to CBRE's second-quarter report. The strong demand for space has kicked up development, which averaged 17.3 million square feet in the last two years, a significant jump when compared with the average 10.6 million square feet the eight quarters prior. Construction activity is expected to remain strong throughout 2016 and well into 2017, since many developers are pushing to finish all large developments by the end of 2017, according to CBRE research.

“Demand for new, state-of-the-art product such as the Providence Center is stronger than ever,” said Emmons. “The Inland Empire is a near-perfect strategic location for any user with same-day delivery and similar logistics needs.”

Rents in the Inland Empire continued to grow due to rising industrial employment, pent-up demand for industrial space and consumer spending. Year over year, average asking lease rates increased by 23%, marking the largest year-over-year growth since the previous peak in 2006 and 2007.

“Already more than half of this new industrial project is spoken for,” said Longo. “It speaks to the tremendous need for space in this area. The Greater Los Angeles region is a great strategic hub due to its proximity to the ports, and it is a great consumer hub. About 50 percent of all goods coming into our local ports stays in the region. That means more product is being stored and sold locally. That bodes well for industrial markets like the Inland Empire.”

EASTVALE, CA—CBRE Group has completed the sale of a 53-acre fully entitled industrial development site here, called The Campus, to Orbis Real Estate Partners and Chase Partners.

Instant Insights /

Eastvale Industrial Site Changes Hands

Related Stories

Recommended For You