(Read more on the industrial market.)
PERRIS, CA-First Industrial Realty Trust of Chicago has broken ground on a 355,000-sf warehousee and distribution project called Rider Distribution Center at 175 E. Rider St., according to brokers from Coldwell Banker Commercial (CBC) Almar Real Estate Group in Temecula. The new distribution space, which is scheduled to be completed in the second quarter of 2008, will take shape on a 16.3-acre site near the Interstate 215 Freeway.
Listing agents for the project are EVP Jeff Givens and sales associate Stan Nowak of CBC Almar Group. Givens says that the new project will offer tenants flexible options, with spaces divisible to 100,000 sf.
Givens points out that demand for industrial distribution facilities in Riverside County and throughout the Inland Empire region of Southern California remains high, as illustrated by recent market reports showing that vacancy remains low and absorption is continuing in the region. First Industrial is one of many industrial developers that have targeted the Inland Empire because of the continuing demand for space from warehouse and distribution tenants.
The new Perris project is one of a number of First Industrial properties either under development or planned in Southern California. The Chicago-based REIT recently debuted its 141,000-sf First Gateway Logistics Center, a distribution and warehouse project in Rancho Dominguez that is designed to take advantage of a location near Southern California ports.
Other First Industrial developments in Southern California include an outdated 356,000-sf warehouse in Rancho Dominguez that the REIT is converting into a modern logistics facility. The Southern California properties are part of an overall First Industrial portfolio totaling more than 120 million sf.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
