CBRE Fund Acquires Major Inland Empire Logistics Site – What is a Ground Lease?

, CBRE Fund Acquires Major Inland Empire Logistics Site – What is a Ground Lease?, Robert Khodadadian

A rendering of the Speedway project. Image courtesy of CBRE Investment Management

A fund sponsored by CBRE Investment Management has purchased 364 acres of land, which will host the first phase of Speedway Commerce Center.

Upon completion, the multi-building logistics space will total 6.6 million square feet. Located at 9300 Cherry Ave., in Fontana, Calif., the project sits within the western part of the Inland Empire region in the southern part of the state. CBRE, in a statement, noted that the area is one of the world’s top distribution markets.

Buildings at the site will have 40-foot clear heights, cross-dock loading and 185-foot concrete truck courts, as well as parking for employees and more than 100 acres of excess trailer parking.

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Speedway will offer easy access to Interstate 15 and I-10, as well as the San Bernardino BNSF freight railway’s Intermodal Yard. CBRE touted the project’s proximity to the ports of Long Beach and Los Angeles in its statement, which also noted that Inland Empire’s logistics vacancy rate was an attractive 1.2 percent in 2022, with rent growth at 35.4 percent. Fontana itself had a 0.3 percent vacancy rate in 2022, as well as a 36.9 percent rent growth rate.

The identity of the seller could not immediately be learned.

The post CBRE Fund Acquires Major Inland Empire Logistics Site appeared first on Commercial Property Executive.

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