DAUM COMMERCIAL COMPLETES LEASE OF 310,550 SQUARE-FOOT INDUSTRIAL ASSET IN THE INLAND EMPIRE FOR $30 MILLION
DAUM Commercial Real Estate Services, recently completed the lease of an state-of-the-art, Class A industrial building in the Inland Empire submarket of Fontana, California. The freestanding 310,550 square foot property was leased for a total consideration of $30 million, according to Gus Andros, SIOR, an Executive Vice President at DAUM Commercial.
Andros secured the lease on behalf of the lessor, LBA Logistics, alongside CBRE Senior Vice Presidents Eloy Covarrubias and Joe Werdein.
“Our Client owns a high-caliber asset suited for warehousing and distribution uses, and was seeking to leverage record-high demand for this product type to secure a long-term lease to a quality tenant with minimal-to-no gap in rental income,” says Andros, noting that the Inland Empire saw industrial vacancy rates at an extremely tight 0.7% in Q1, according to a recent DAUM report. “We were able to draw upon vast market knowledge to strategically evaluate prospective lessees, ultimately exceeding expectations, identifying a tenant who understood the deep value of the asset and location, and preleasing the building prior to the current tenant vacating.”
The lessee, an out-of-state private client expanding their west coast operations, was represented by Randy Lockhart and Steve Sprenger, Executive Managing Directors at Newmark.
“Our long-standing relationships with the lessor and fellow brokers in the market were pivotal in the negotiations for this transaction,” continues Andros. “Through our seamless collaboration, we were able to effectively communicate both parties’ interests and successfully arrange a favorable lease that met all timelines.”
The property is positioned as one of the highest quality industrial assets in the Inland Empire West, offering immediate access to major freeways such as Interstate 10 and 15.
The asset includes 6,049 square feet of office space and features 32’ clear height, 45 dock-high doors, two ground-level doors, a 183’ secured truck court, 59 trailer spaces, 153 parking spaces, and ESFR sprinklers.
The property is located at 15790 Santa Ana Avenue in Fontana, California.
About DAUM Commercial
DAUM Commercial Real Estate Services is a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales and property management. Founded in 1904, DAUM focuses on longstanding client relationships and draws upon its century-long track record to deliver steadfast insights and proven results to clients across the U.S. DAUM has eleven offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.