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Harmonic Drive has outgrown the two buildings it currently occupies in Peabody and the move to Dunham Ridge will allow it to consolidate its functions into one building and expand its footprint to accommodate growth.
In the fifth year of population growth, developers finalized 594,000 square feet of self-storage space during the first six months and an uptick in completions in the second half will push volume beyond 2 million square feet.
Industrial demand and new construction are balanced in the Inland Empire with a 4% vacancy rate and steadily rising rental rates that are still a discount to coastal markets.
E-commerce companies demand more flexibility in order to accommodate users' sortation equipment as well as the need for higher clear heights which allows for the installation of mezzanine space.
Brookfield Infrastructure, an affiliate of Brookfield Asset Management, has committed to fund half of the required initial equity investment, currently estimated to be approximately $613 million.
The San Francisco-based firm states that the property is located near bulk transmission lines, a major fiber path, as well as less than four miles from Digital Realty's existing data center campuses in Ashburn, VA.