LOS ANGELES-Kearny Real Estate Co. has acquired a 52-acre industrial site in Moreno Valley for $19.4 million. The company plans to entitle and develop a 1.1-million-square-foot warehouse and distribution cross-dock building on the site with 256 high dock doors and 36-foot clear heights.
“We feel that our building will be the best in the market when completed,” says Jason Rosin, Kearny Real Estate VP. “The 256 loading docks amount to one dock door for every 4,334 square feet, which is 20% better than the average building in the market, adding greater efficiency for users. In addition, the site benefits from access on all four sides of the building and provides ideal truck circulation and queuing, both important site plan elements.”
The development is one of several underway in the Inland Empire, which is leading the nation's industrial development. Developers are turning to Moreno Valley as land, even in the Inland Empire, becomes limited. Skechers, Ross, Proctor & Gamble and Lowes currently have warehouse spaces in Moreno Valley, and Amazon has a 1.2 million-square-foot development underway.
“Moreno Valley, with its available land, large labor pool and proximity to the Ports, Los Angeles, San Diego and Orange Counties, is the perfect place to locate these large multichannel distribution centers in order to serve customers in Southern California and the Western United States,” says Jeffrey A. Dritley, Kearny Real Estate founder and managing partner.
Research from CBRE shows that industrial demand will only continue to pick up through 2014 and 2015. As development races to meet this growing demand, industrial availability is predicated to decline to 11.2% in 2014.
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Kelsi Maree Borland
