(To read more on the industrial market, click here.)

RIALTO, CA-Kuehne & Nagel Logistics has signed a five-year, $10 million lease for nearly 494,000 sf to relocate one of its two Inland Empire facilities into a 1.1-million-sf building owned by ProLogis. CBRE brokers Dan De la Paz, Frank Geraci and Walt Chenoweth report that the logistic company’s new space is at 2510 W. Walnut.

Kuehne & Nagel has more than 30 distribution centers in the US, including two in the Inland Empire. The Inland Empire locations are a 150,000-sf facility in Fontana and a 300,000-sf facility in Ontario. The new space in Rialto is a relocation for the Ontario operation.

Tenant improvements are expected to be completed by the end of the summer, according to De la Paz. The deal ranks among one of the largest lease transactions in the Inland Empire in the first half of 2006.

When compared to industrial lease transactions completed in 2005 in the Inland Empire, the square footage of this transaction falls within the range of the top 10 deals of the year, the CBRE brokers point out.

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