EBS Realty Partners had a banner year in 2020, and the outlook remains positive for 2021. 2020 was marked by the commencement of numerous speculative industrial development projects, the acquisition of key value-add existing assets, the continued expansion of its assets under management in the firm’s property management portfolio, and the opening of a new office in Las Vegas, Nevada which expands the company’s growing Southwest U.S. footprint.
All told, the firm has 1,723,811 square feet of industrial facilities in process in California and Nevada encompassing 10 buildings and a strong backlog of deals currently in escrow.
“The pandemic impacted almost every aspect of our lives and accelerated a number of trends in global supply chain logistics. For the West Coast industrial markets, that meant dumping fuel on an already burning fire. The increasing consumer trend toward shopping online was significantly accelerated because of COVID-19,” said Quinn Johnson, co-founding principal, EBS Realty Partners.
“The pandemic had a similar impact on the manufacturing base with an increased demand for onshore manufacturing of PPE, pharmaceuticals, and medical devices. This, combined with a general uptick in corporate inventory levels, has resulted in a strong and robust user demand. We were excited to start work on a number of industrial facilities with our joint venture partners in California and Nevada, as both markets are direct beneficiaries of that demand,” Quinn added.
Projects now underway include:
- Colton, CA — Two buildings totaling 960,040 square feet on 43.85 acres, located at 21700 Barton Road. Entitlement and development construction management services project for private partnership. Project approval expected first quarter 2021.
- Ontario, CA — Four buildings totaling 354,609 square feet on 15.75 acres, located at 1945 S. Grove Ave. Joint venture with institutional investor. Groundbreaking planned for end of first quarter 2021.
- Corona, CA — A 101,690 square foot building on 4.8 acres, located at 959 E. 3rd Joint venture with institutional investor. Completion is estimated for June 2021.
- Tustin, CA — A 95,458 square foot building on 7.1 acres, located at 14192 Franklin Ave. Leased to Rivian Automotive. Joint venture with institutional investor.
- North Las Vegas — A 118,021 square foot building on 5.8 acres, located at 3679 Civic Center Drive. Joint venture with institutional investor. In escrow to a manufacturer, will close upon completion in mid-January 2021.
- North Las Vegas — A 93,993 square foot building on 4.5 acres, located at 2675 E. Lone Mountain Road. Joint venture with institutional investor. In escrow to a manufacturer, will close upon completion in late January 2021.
Over the past six years, EBS Realty Partners successfully developed over 5.4 million square feet of industrial facilities with an approximate value of over $610 million. Many of the firm’s projects include state-of-the-art e-commerce and last mile logistics warehouse facilities, as well as industrial business parks, food facilities, and specialized manufacturing and processing plants.