Trammell Crow Signs 374K-SF Logistics Tenant in Inland Empire
By Greg Cornfield March 20, 2023 6:00 pm
reprints
Epitomizing the insatiable demand for warehouse space in Southern California’s Inland Empire, Trammell Crow Company (TCC) has announced both the completion of and full lease for the second phase of the master-planned Columbia Business Park.
Logistics Plus, a third-party warehousing and fulfillment company, signed a five-year deal for all of the Columbia II building, a 374,000-square-foot spec facility. It sits on 19 acres at 300 Palmyrita Avenue in Riverside, one of the region’s most prominent submarkets. TCC declined to disclose the value of the lease.
“Despite increased construction activity over the past couple years in the Inland Empire, the market’s vacancy rate remains around 1 percent,” TCC’s Jared Riemer said in a statement. “Continued demand for large, high-quality logistics facilities has been fueling absorption and rent growth as occupiers flock to newer, more modern buildings.”
Columbia Business Park is a 1.5 million-square-foot development on 72 acres, built by TCC and Washington Capital, an investment adviser based in Seattle, acting on behalf of its institutional client. The project is designed to attract world-class e-commerce and logistics firms within Riverside’s Hunter Park industrial corridor. The first phase includes a 1 million-square-foot facility on 46 acres that was sold to ASB Real Estate Investments for $124 million in 2019.
“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.
Colliers (CIGI)’ Kevin McKenna and CBRE (CBRE)’s David Consani represented the landlord in the transaction. Foremost Commercial Real Estate Services’ Jeremy Trotter represented Logistics Plus.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
