EBS broke ground on Gibson Industrial Park, 500 N. Gibson Road, Henderson, NV. This includes two freestanding buildings for sale or lease totaling 127,440 square feet of space.
EBS broke ground on Gibson Industrial Park, 500 N. Gibson Road, Henderson, NV. This includes two freestanding buildings for sale or lease totaling 127,440 square feet of space.
Clarion Partners and EBS Realty Partners have closed on a 19-acre industrial site in Colton that is already approved for a 412K SF warehouse. The duo paid $61M for the site.
Colton, like a handful of other Inland Empire cities, had a moratorium on new warehouse properties, but it expired in May, LA Business First reported.
“This project provided the buyer with an incredible opportunity to acquire one of the very few assets that is outside of the warehouse development moratorium in the Inland Empire,” CBRE Vice Chair and Managing Director Darla Longo said in a statement. “Our team fielded many competitive offers, given the truly irreplaceable distribution location of this property.”
Longo, along with CBRE’s Barbara Perrier and Eric Cox, represented the seller, Newport Beach-based real estate investment firm Hager Pacific Properties.
A new warehouse could be completed at the site as soon as the third quarter of next year, a release from CBRE says.
Moratoriums of various lengths have cropped up throughout the Inland Empire in response to residents’ pushback against what they say are the negative cumulative effects of being one of the top industrial markets in the nation — namely, air pollution.
Although land has continued to trade hands and projects have continued to be built, many industrial owners and developers say they have felt the crunch of the limitations of where they can build and operate.
“Supply is becoming extremely difficult to bring online in places like California,” Prologis Chief Financial Officer Tim Arndt said on the company’s second-quarter earnings call this week. “In fact, I’m kind of worried about it because some of these places are shutting down.”
CBRE announced the sale of a 19-acre industrial site in Colton, Calif. to Los Angeles-based real estate investment firm Clarion Partners and Orange County-based investment firm EBS Realty Partners for $61 million.
CBRE’s Darla Longo, Barbara Perrier and Eric Cox represented the seller, Newport Beach, Calif.-based real estate investment firm Hager Pacific Properties, in the transaction.
Located at 275 and 375 De Berry Street, the site comprises two vacant industrial buildings and a dirt lot. The site is approved for the construction of a 412,000 square-foot warehouse that could be completed as early as Q3 2024. The property is adjacent to I-215, connecting Colton to the rest of the Inland Empire.
“This project provided the buyer with an incredible opportunity to acquire one of the very few assets that is outside of the warehouse development moratorium in the Inland Empire,” said Ms. Longo. “Our team fielded many competitive offers, given the truly irreplaceable distribution location of this property.”
The Inland Empire industrial market is one of the tightest in the nation, with a vacancy rate of 0.5%.
EBS and Penwood Real Estate Investment Management, LLC, through its fifth value-added investment vehicle Penwood Select Industrial Partners V, L.P., partnered on their 10th joint venture in December 2019 to entitle and develop four “Class A” buildings between 52,000 and 121,000 SF on the corner of S. Grove Avenue and E. Francis St. The project required two Phases due to a lease on the existing “Class B” manufacturing building at 1945 S. Grove Avenue.
Phase 1 comprised of three buildings. Building 2 (52,494 SF) and Building 3 (59,229 SF) were sold to a user at completion in June 2022. EBS leased Building 1 (120,651 SF) to San Bernardino County at completion in June 2022 and subsequently sold the asset to an investor in November 2022. In Phase 2, Building 4 (117,380 SF) sold at completion on June 1, 2023 to an institutional investor GLP Capital Partners.
Sincere thanks to our project team including Phil Lombardo and Andrew Starnes of Cushman & Wakefield, Fullmer Construction, HPA Architects, and Thienes Engineering, Inc. for their contributions to another successful project.
A new industrial project near Nellis Air Force Base landed a tenant that says it will supply luxury suites for Las Vegas’ upcoming Formula One race.
Illinois-based InProduction, which provides temporary seating, staging and the like for events, leased a newly built warehouse that spans more than 102,000 square feet, brokerage firm Cushman & Wakefield announced this week.
Cushman represented the tenant, which expects to occupy the building, near the intersection of Lamb Boulevard and Cheyenne Avenue in the northeast Las Vegas Valley, next month.
InProduction President and CEO Jason Tedrow confirmed to the Review-Journal his firm is moving there from a smaller industrial space a few miles away.
“We need to expand our operation in Vegas,” he said, noting America’s casino capital is a major entertainment hub with lots of big events.
He said that the company is providing several “multi-level hospitality structures” for the F1 race and that they’re more like luxury suites. For the most part, they will be along Koval Lane just east of the Strip.
A spokeswoman for F1 owner Liberty Media Corp. did not respond to a request for comment.
Scheduled for Nov. 16-18, Las Vegas’ Formula One race is poised to draw huge crowds. The 3.8-mile route will include a stretch of the Strip, and drivers are expected to reach speeds of more than 200 mph.
Casino chain Caesars Entertainment Inc. unveiled a $5 million VIP “Emperor Package” for the race that includes five nights in a villa with views of the track.
MGM Resorts International announced it will build grandstands in front of Bellagio’s iconic fountains for the event.
“Access to these epic seats is currently only available as part of MGM Resorts’ race-and-stay packages,” the casino giant said in a news release.
The race is expected to produce a windfall of spending in Las Vegas, with almost $1.3 billion in total economic impact, according to an announcement Monday from Las Vegas Grand Prix CEO Renee Wilm.
InProduction, for its part, locked up a new warehouse amid strong demand for distribution space in Southern Nevada. The local industrial market’s vacancy rate was a record-low 1.3 percent in the third quarter last year, brokerage Colliers International reported.
Developer EBS Realty Partners broke ground on the northeast valley project last May without a user lined up first, a common approach to warehouse development in Southern Nevada. It finalized a lease with InProduction last month, EBS founder and managing principal Quinn Johnson told the Review-Journal.
“We had a lot of tenant activity on it,” he said.