Prologis Secures Packaging Tenant With 78K-SF Inland Empire Lease

The San Francisco-based real estate investment trust is the largest owner of industrial space in the region with a stable of 83 million square feet

reprints


Volatile tariff policies, a glut of supply and general economic uncertainty have put the country’s largest industrial engine on its heels, but leasing activity in Southern California’s Inland Empire region is still a force to reckon with. 

That’s particularly true when it comes to Prologis, which owns the largest portfolio in the region at some 83 million square feet. Case in point: An affiliate of the San Francisco-based industrial giant has secured a new, full-building lease with packaging company DesignWorx for a 78,418-square-foot building in Chino. 

SEE ALSO: Comms Firm Collected Strategies Takes 10K SF at Moinian’s 60 Madison

The 60-month lease, at 14628 Yorba Avenue, is valued at about $4.3 million. Lee & AssociatesJohn Seoane, Bryan Miller and Allen Buchanan represented the tenant in the deal. DesignWorx plans to move into the new space in February. 

Although industrial vacancy rates in the Inland Empire ticked up and absorption turned negative this past quarter, per a recent Lee & Associates market report, strong leasing activity indicates that the region is steady as the nation’s industrial king. Prologis’ facility, for example, was on the market for just one month before DesignWorx snapped it up, according to Lee & Associates. 

At the end of last month, third-party logistics firm iDC Logistics inked two lease deals for a combined 1.1 million square feet in the Inland Empire and Los Angeles County. The larger of the two deals, for nearly 845,000 square feet in San Bernardino, is the Inland Empire’s second-largest lease deal so far this year. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.