PERRIS, Calif. – Cushman & Wakefield announced the firm has co-represented Duke Realty Corporation, the leading domestic only, pure-play logistics property REIT (Real Estate Investment Trust) in the U.S., in securing a full building tenant for its new 1,203,449-square-foot (sf), speculative state-of-the-art distribution facility in Perris, California, in the Inland Empire East submarket.
The tenant is Lecangs LLC, whose parent company, Loctek Ergonomic Technology Corporation, designs and manufactures the branded ergonomic products, Flexispot, sold at major retailers, as well as their own website.
Situated on more than 55 acres, the new modern, large-scale project is located at 728 W Rider St in Riverside County, approximately 70 miles southeast of Los Angeles. The speculative development is scheduled for completion by the end of 2021.
Chuck Belden, SIOR, Phil Lombardo, Kyle Kehner, SIOR, Tim Pimentel, SIOR and Brice Larson with Cushman & Wakefield’s Ontario/Inland Empire office together with Duke Realty’s Collin Phillips represented Duke Realty in the transaction. Ian Devries and Chris Devries with Colliers International together with Jennifer Whelan from AZ Realty & Investment Corp represented the tenant.
Vice Chairman Chuck Belden said, “The Inland Empire industrial market remains white hot, with historic low vacancies and is very constrained for both Class A and Class B industrial space. This best in class facility built by Duke Realty provided an exceptional Class A project presenting a highly attractive, well-designed option amidst a challenging marketplace for larger occupants trying to identify well located modern, quality space in Southern California. The location also provides tremendous regional and inter-state accessibility.”
Belden added, “Duke Realty’s confidence to build such a large facility on spec was rewarded and we are very happy with the outcome in securing this quality tenant.”
Duke Realty’s facility provides Lecangs with 40 feet of clear height, 241 dock doors, 344 trailer parking spaces and 442 auto spaces. The facility is being built to LEED® certification standards — meeting requirements for environmentally sustainable construction and site development, water savings, energy efficiency and construction waste management.
The location provides excellent access to Interstate 215 via Harley Knox Blvd and future Placentia Ave on/off ramps and connecting freeway systems.
According to Cushman & Wakefield’s latest third quarter 2021 market report, the Inland Empire had an overall industrial vacancy rate of a mere 1.0%, down 240 basis points year-over-year. Furthermore, given the surge in demand, occupancy gains have been notable with overall net absorption totaling 22.7 million square feet through the first three quarters of 2021.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
