RIVERSIDE, CA-Omni West Group of Laguna Hills has kicked off construction of a 50,125-sf industrial complex called Rivera Industrial Business Park on a 2.5-acre site at Rivera near North Main Street. The project will feature four buildings of eight units ranging in size from 5,220 sf to 6,246 sf.
Omni West plans to capitalize on the demand for small-box industrial buildings, which are in short supply throughout the Inland Empire, according to Kip Dubbs, president and CEO of the privately held development and investment firm. Dubbs cites a vacancy rate of about 5% and says that, "For companies that require facilities on a smaller scale, there aren't a lot of choices right now."
According to Art Day, an SVP at CB Richard Ellis who is a sales and leasing agent for the new project, the vast amount of industrial space under way in the Inland Empire consists primarily of buildings of 100,000 sf or larger. Since such space "isn't practical or economically feasible for smaller operations," Day says, Rivera Industrial Business Park will offer small-box users all the same advantages as big-box users.
The project is slated for completion in the third quarter of 2007. The general contractor is Brea-based HMC Construction.
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