Best Buy Takes 500,000-SF Distribution Center in SoCal
By Greg Cornfield April 6, 2022 11:50 am
reprints
Adding to the intense rush for logistics space in Southern California, Best Buy has signed a major lease for a big distribution facility in the tightest warehousing market in the country.
The electronics retailer will occupy all 501,649 square feet of Building 6 in the larger industrial park named LogistiCenter at Eastvale, according to a report from Savills. It’s located at 6251 Archibald Avenue in Riverside County in the Inland Empire region east of Los Angeles.
The six-building, Class A LogistiCenter spans 1.1 million square feet. It was developed and is owned by Dermody Properties. The terms of the lease were not disclosed.
“Class A warehouse space in the Inland Empire is very competitive and hard to secure for logistics users,” Dermody’s Matt Mexia said.
The Nevada-based company previously announced leases for Buildings 1 and 5 in November 2021 with Better Nutritionals, a vitamin manufacturer, taking all 197,892 square feet at Building 1, and logistics firm Landmark Global signing for 87,180 square feet at Building 5. Buildings 2, 3 and 4 within the park are vacant and available for lease, featuring between 61,263 square feet and 161,120 square feet.
“The Inland Empire has the tightest vacancy rate in the United States, yet we remain focused on sourcing acquisitions and ground-up opportunities to accommodate our customers’ needs,” Dermody COO Elizabeth Kauchak said. “Despite limited availability, we are pleased to continue this momentum in the region.”
Bill Heim and Alex Heim of Lee & Associates are the leasing agents for LogistiCenter at Eastvale.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
