Fortune 500 Company Signs Major Distribution Deal in the Inland Empire
An industrial supplier will occupy the newly developed Ramona Commerce Center, 430,152 square-foot distribution center in Perris, California.
An unnamed Fortune 500 industrial supplier has signed a long-term lease to occupy 100% of the Ramona Commerce Center, a 430,152-square-foot industrial distribution facility in Perris, California. IDI Logistics is the developer behind the project, which is set for delivery property this month.
Ramona Center is on 24 acres and it is located near the I-215 and offers access to additional major Interstates. The property features 36-foot-high ceilings, ESFR fire sprinklers, trailer parking, a large yard and truck court. These state-of-the-art building characteristics helped to drive tenant interest and secure a pre-lease for the property.
Voit Real Estate Services SVP Juan Gutierrez said that the pre-lease on the property illustrates the strength of the demand in the market. Gutierrez represented the ownership in the deal along with Mike Bouma and Ryan Miller.
The Inland Empire is among the top industrial markets in the country. Last year, the market broke records. A report from JLL shows the market recorded an impressive 26 million square feet of absorption in 2020 with activity surging at the end of the year. There is no doubt that e-commerce demand, driven by increased online shopping during the pandemic, drove the market activity, but JLL’s Mike McCrary says that the demand drivers are more nuanced that just a general increase in online shopping, and that the entire supply chain has been disrupted. This has meant that companies have had to rethink how they deliver goods to the consumer—and increasing warehouse and distribution presence in key locations, like Perris, is at the top of that list.
Overall, Southern California industrial activity exploded this year—a surprising feat considering the market was already operating at near zero vacancy. Demand for industrial space is at an all-time high in Southern California, according to a new report from Yardi Matrix. The Inland Empire saw rent grow by 7.1% over the last 12 months, while LA posted an increase of 6.7% over the same period. Vacancies clocked in at 2% for the IE in May, and research from JLL released earlier this year shows that the market recorded an impressive 26 million square feet of absorption in 2020.