Logistics Plus — a leading worldwide provider of transportation, warehousing, business intelligence and supply chain solutions — has secured a five-year deal to lease a 374,000-square-foot industrial space in Riverside, Calif. Owned by Trammell Crow Company (TCC) and located at 300 Palmyrita Ave., Columbia II sits on 19 acres in the city’s sought-after Hunter Park industrial corridor with direct access to I-215, CA 60, CA 91 and I-10.
Negotiations were handled by Colliers’ Kevin McKenna and CBRE’s David Consani on behalf of the landlord, while Jeremy Trotter of Foremost Commercial Real Estate Services represented the tenant.
Columbia II is part of a three-phase project by TCC and Washington Capital that kicked off in 2017. Spread across a total of 72 acres and totaling 1.5 million square feet of prime Inland Empire warehousing space, the development was designed to attract some of the biggest names in e-commerce and logistics.
The first phase of the project — which was sold to ASB Real Estate Investments for $124 million in 2019 — consists of a 1-million-square-foot facility, while the third phase will add an 86,853-square-foot building to the site.
“Despite increased construction activity over the past couple years in the Inland Empire, the market’s vacancy rate remains around 1%,” TCC’s Jared Riemer said. “Continued demand for large, high-quality logistics facilities has been fueling absorption and rent growth as occupiers flock to newer, more modern buildings.”
“As with Phase I, we started the second phase of Columbia Business Park on a speculative basis and secured a high-quality tenant,” said Tom Bak, senior managing director of TCC’s Newport Beach office.
Other recent noteworthy lease deals in the Inland Empire market included Skechers’ lease of 1 million square feet at 2600 John St. in Banning, Calif. from Logistics Property, as well as John Hancock’s 534,404-square-foot lease to Motivational Fulfillment at 15835 San Antonio Ave. in Chino, Calif.
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