Logistar Inks Full-Building Inland Empire Lease
Logistar Inc. has committed to 146,816 square feet at Airport Distribution Center, a 250,248-square-foot business park in Ontario, Calif. Newmark represented the owner, Alere Property Group, in the full-building lease negotiations.
The tenant is a supply chain group which provides international logistics, local customs clearance and inspection services, as well as warehouse storage. The Ontario location will be Logistar’s third in California, joining the ones in Fullerton and Chino.
Airport Distribution Center, up close
Alere had acquired the 1989-built warehouse at 5700 E. Airport Drive in 2015 and decided to split it in two separate buildings as rents would be 15 to 20 percent higher that way. Technical Consumer Products was one of the firms that leased space at the property in the past.
Logistar’s new location features 28-foot clear heights, 28 dock-high doors, 14 mechanical loading dock pit levelers and two ground-level doors, as well as 3,744 square feet of office space. Furthermore, the property has a fenced yard with motorized gates and 74 trailer parking stalls.
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The Airport Distribution Center is roughly 1 mile away from interstates 10 and 15, with Ontario International Airport being more than 3 miles west and San Bernardino International Airport located roughly 19 miles northeast.
Newmark Executive Managing Directors Ron Washle and Mark Kegans represented Alere Property Group.
Inland Empire industrial rents and vacancies go up
After being dethroned by Miami in March, the Inland Empire topped the charts in April for in-place year-over-year rent growth, according to a recent CommercialEdge report. The 12.5 percent rate was 500 basis points higher than the national average of 7.4 percent.
Against the backdrop of robust rent growth, the vacancy rate rose in the region by 200 basis points month-over-month in April, with the percentage climbing up to 6.2 and trailing behind the national 5.2 percent, the same report shows.
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