Real Estate Development Associates (REDA) is set to build another major new industrial development in Southern California at a distribution center used by the nation’s leading e-commerce and logistics companies.
REDA paid $122 million for 130.2 acres in the Inland Empire, according to public records provided by Vizzdaand build a phase of the Southern Ontario Logistics Center close to Chino Airport. In total, the project will add 2.9 million square feet of Class A logistics space to Euclid Avenue and Merrill Avenue in Ontario, California.
REDA did not return a request for comment.
The vacancy rate in the Inland Empire remains near all-time lows, according to CBREthird quarter market report. Warehouses over 500,000 square feet are at 0% vacancy across the region and asking rents are up 60% year over year in the third quarter.
The Ontario submarket has by far the largest inventory in the Inland Empire with over 112.5 million square feet of warehousing and logistics space. Prologis build a 4.1 million square foot warehouse for Amazon in the distribution hub which also includes Home deposit, walmart, fedex and Kenco.
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