Third Party Logistics Firm Logistics Plus to Occupy Entire 374,000-SF Facility
The Newport Beach office of Trammell Crow Company (TCC) and Washington Capital Management, on behalf of its client, announces the completion of construction on the second phase of Columbia Business Park and a full-building lease. Logistics Plus Warehousing & Fulfillment, Inc., a third-party logistics company, signed a five-year deal for the entire 374,000-square-foot Columbia II facility, located at 300 Palmyrita Ave. in the Inland Empire.
“As with Phase I, we started the second phase of Columbia Business Park on a speculative basis and secured a high-quality tenant,” said Tom Bak, Senior Managing Director of TCC’s Newport Beach office. “This successful leasing activity is testament to Trammell Crow Company’s reputation of developing the kind of state-of-the-art logistics product top tenants are looking for today.”
A state-of-the-art facility that sits on 19 acres, Columbia II features 36-foot-clear ceiling heights, ESFR sprinklers, 54 dock-high and two ground-level doors, and a 185-foot concrete truck court with parking for 92 cars and 42 trailers. Constructed to LEED standards, the building also integrates 2.5% Skylights and LED warehouse lighting, 20 Rite-Hite hydraulic pit levelers and bumpers and 5,651 square feet of office space.
“Despite increased construction activity over the past couple years in the Inland Empire, the market’s vacancy rate remains around 1%,” said Jared Riemer, a Principal with TCC. “Continued demand for large, high-quality logistics facilities has been fueling absorption and rent growth as occupiers flock to newer, more modern buildings.”
Kevin McKenna, Senior EVP with Colliers, and David Consani, an Executive Vice President with CBRE represented the landlord in the transaction. Jeremy Trotter, president of Foremost Commercial Real Estate Services, acted on behalf of Logistics Plus.
Columbia Business Park is a 1.5-million-square-foot master-planned development by TCC and Washington Capital, acting on behalf of its institutional client. The site is a short distance from the Hunter Park/University of California Riverside MetroLink station. Situated on 72 acres within Riverside’s Hunter Park industrial corridor, the project provides direct access to I-215 and other major highways and is designed to attract world-class e-commerce and logistics firms.
Completed in late 2017, the project’s first phase is comprised of a 1-million-square-foot facility that sits on 46 acres at 490 Columbia Ave. It features 37-foot-clear heights, 185-foot-deep secured truck courts, ESFR fire sprinkler systems and dedicated truck queuing lanes.The developers sold Columbia I to an institutional investor for $124 million in 2019, making it one of the largest single-building transactions ever completed in the Inland Empire at the time. Columbia Business Park’s to-be-developed third phase can accommodate additional parking or another facility of approximately 90,000 square feet.
About Trammell Crow Company
Trammell Crow Company (TCC) is a global commercial real estate developer and wholly-owned subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired nearly 2,900 buildings valued at $75 billion and over 655 million square feet. As of March 31, 2023, TCC had $17.3 billion of projects in process and $13.1 billion in its pipeline. It employs 700 professionals in 27 major cities throughout the United States and Europe. The company serves users of and investors in office, industrial/logistics, healthcare, life sciences and mixed-use projects, as well as multi-family residential through its operating subsidiary High Street Residential. For more information visit www.TrammellCrow.com.
About Washington Capital Management
Washington Capital Management, Inc. (WaCap) is an employee-owned investment advisory firm founded in 1978. WaCap is headquartered in Seattle, Washington, with offices and representatives in Portland, Boston, Southern California, Philadelphia, Atlanta, and Northern California. WaCap manages assets in real estate equity, real estate debt, fixed income and equity strategies, primarily for institutional clients. WaCap provides a diverse menu of investment products, including equity real estate investments, commercial mortgages and construction loans. Visit wa-cap.com to learn more.