LOS ANGELES—Pacific Industrial has broken ground on the Pacific District Center, a 188,570-square-foot industrial park in Vernon, CA, a tight infill industrial market in Central L.A. The speculative development will feature three class-A buildings. The property is scheduled to be complete in the fourth quarter of 2015.

“As one of the strongest industrial submarkets in the entire country, Central Los Angeles benefits from low vacancy rates and continuous demand for class-A product,” Neil Mishurda, co-founder at Pacific Industrial tells GlobeSt.com. “Less than 5% of the entire industrial product base in this submarket is class-A.” John McMillan, EVP at Cushman & Wakefield, is the exclusive leasing broker for the property.

Once complete, the property will feature true dock-high loading positions, 100% concrete and secured truck courts, two-story office spaces and ample skylights to provide daylight. It is also located within close proximity to the 710 freeway and the ports of L.A. and Long Beach. As the property has just broken ground, it is still vacant; however, Mishurda has received interest. “We have received a tremendous amount of interest from several prospective tenants, but no leases have been signed,” he says. Last year, Pacific Industrial built a 500,000-square-foot industrial facility in the nearby City of Bell, and was able to lease 100% of the space before construction was complete. They have every reason to believe they will accomplish the same success with this development, considering the market's low 3.1% vacancy rate.

This is Pacific Industrial's fourth transaction this year. They focus on building class-A properties that will attract the best-class tenants. “With a long-term approach focused on building best-in-class product in premier locations, Pacific Industrial is currently developing over 2 million square feet of class-A industrial space throughout Southern California,” says Mishurda. The developer's current projects include a 17.66-acre development in Brea, CA.