Four Tenants Sign Lease Deals totaling 731,172 Square Feet at New Industrial Complex in Inland Empire – CBRE
23 Nov 2020
Recently constructed project now fully leased
Los Angeles – CBRE announced that four tenants -- Columbia Aluminum Products, Tyger Auto, Mascot International Logistics, and Web Deal Direct -- have signed industrial lease deals totaling 731,172 square feet at Shea Center West Corona in Corona, Calif.
CBRE’s Ben Seybold, Sean Ward, and Dan de la Paz represented the landlord, Orange County-based real estate developer Shea Properties, in the transaction. The tenants were represented by outside firms.
Located at 1150-1170 W. Rincon St., the brand new, state-of-the-art industrial complex was completed in 2020. The property features ESFR sprinkler system, 32 dock-high doors, drive-around truck court and private, fenced yards. The site is within three miles of the interchange between I-15 and SR 91, two major freeways that connect Corona to the rest of Southern California.
“Even given the challenges presented by the COVID-19 global pandemic, we were able to attract the absolute best tenants for the landlord,” said Seybold. “We are excited to be able to announce the Shea Center West Corona project is now fully-leased.”
Added Ward, “After being engaged by Shea Properties, our team was able to facilitate the lease of the entire project in two stages, with the first building being fully committed within 60 days of the project’s completion and the balance within nine months, at record-high lease rates.”
Net absorption in the Inland Empire industrial market in the third quarter of 2020 was the second highest recorded since 2010, according to a CBRE research report. At 6.7 million square feet, it was just shy of the all-time high of 6.8 million square feet in the fourth quarter of 2018. More than 160 new leases and user sales were executed in the third quarter of 2020, well above the average of 97 transactions per quarter since 2010.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.