Logistics Provider Renews 1M SF of Leases

Chenoweth notes that IDS "has been very active in the market, acting proactively and strategically to take advantage of current market conditions."

For example, Chenoweth points out, IDS signed a lease for 645,000 square feet in Mira Loma last year in a building owned by AMB Property Corp.

The three IDS renewals in Chino are for 315,000 square feet at 14210 Telephone Ave., 405,000 square feet at 5065 Eucalyptus Ave. and 395,000 square feet at 5151 Eucalyptus Ave. The Telephone Avenue property is in Majestic's Telephone Avenue Industrial Center; the two Eucalyptus Avenue properties are part of Majestic Spectrum South.

IDS USA is the US arm of the logistics firm, which maintains operations worldwide. IDS is a member of the Hong Kong-based Li & Fung Group, a multinational group of companies that was founded in 1906 and is involved in logistics, exporting and retailing.

Terms of the IDS leases were not disclosed. The Chino projects where the IDS space is located are part of the Inland Empire West submarket, where average asking lease rates were 38 cents per square foot per month NNN in the fourth quarter, according to the latest CBRE market report.

The CBRE report notes that the Inland Empire West submarket continues to lead the Inland Empire industrial market with the majority of the gross activity, closing out the fourth quarter with more than 2.7 million square feet of gross activity. The CBRE report points out that the Inland Empire managed to finish the year with net absorption of 6.3 million square feet despite the recession. That compares with 2.6 million square feet of net absorption in 2008.