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REDLANDS, CA—As GlobeSt.com reported this morning, the industrial development alliance between Chicago-based Conor Commercial Real Estate, a member of the McShane Cos., and MetLife Real Estate Investors, revealed the development and groundbreaking of Redlands Logistics Center. The 1.01-million-square-foot speculative industrial facility is located within the Inland Empire industrial market.
Marketing the property is JLL's Peter McWilliams, Michael McCrary, Ruben Goodsell and Nicole Welch. In an update to that story, McCrary, managing director of industrial services, tells GlobeSt.com that “The Redlands submarket continues to be a driving force of activity in the Inland Empire and has recently attracted the likes of Burlington Coat Factory, Ashley Furniture, Kenco Logistics and Innotrac.” Several other large tenant requirements floating around the market, he adds, “have also chosen to focus on Redlands as a premier location for their distribution needs that should sign during Q3 2014.”
From a logistics standpoint, he explains, Redlands is ideally situated four miles from the BNSF Intermodal Yard and eight miles from FedEx's ground hub in Bloomington, “a major draw for prospective e-commerce users.”
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William Lu, Conor Commercial's VP and lead development officer for the project, notes that “Following the alliance's success of the Redlands Business Center, an adjacent land parcel that was developed as a 704,115-square-foot pre-sale industrial facility, we are confident that the demand for class A industrial space will draw immediate interest from tenants.”
Lu tells GlobeSt.com that the groundbreaking on Redlands Logistics Center will take place shortly that he looks forward to a “fast-track construction delivery schedule to meet the needs of the area's growing tenant base.”
The prominent location of the Redlands Logistics Center site, he says, with its close proximity to the I-10 Freeway, “provides this development with a premium location compared to other speculative developments of similar size within the market.”
He tells GlobeSt.com that “The high level of tenant demand continues to outpace the delivery of new speculative construction within this size segment even at the levels of new spec industrial development currently underway.”
Welch, JLL's VP of industrial services, adds that “Over the course of the last 18 months, Redlands has seen its vacancy rate fall from 10.4% in Q113 to its present rate of 4.7%.” Year-to-date in 2014, she tells GlobeSt.com, Redlands has accounted for 30% of all absorption in the Inland Empire East, “attracting major investors and developers alike to the area.”
For those developers who have chosen to spec industrial product in Redlands, including Watson Land Co. and Prologis, she explains, the risk has paid off, encouraging other developers to follow suit. “Two buildings have broken ground in 2014 in Redlands, with other planned buildings trailing close behind in the pipeline. Looking forward, we believe Redlands will continue to add to its existing roster of large Fortune 500 users and bolster its image as a preeminent destination for both institutional buyers and corporate occupiers.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
