Ivanhoé, CapRock Develop Major Inland Empire Industrial Project
A joint venture between Ivanhoé Cambridge and CapRock Partners has started construction on the first phase of Colony Commerce Center, a $450 million, Class A logistics complex in Ontario, Calif. The 3 million-square-foot complex is projected to be ready sometime next year.
“We’re currently in a historic market for industrial,” Patrick Daniels, CapRock Partners’ CEO, told Commercial Property Executive. “The Inland Empire is arguably the leading and largest industrial submarket in the country and it has a historic low vacancy rate, now below 2 percent.”
Moreover, there’s a historic amount of new development coming into the market and a great equilibrium between demand and supply. Even in that environment, rates continue to move up. “This area, in Southern-most Ontario, is the Western-most portion of this Inland Empire submarket and it creates the best property now available to develop state-of-the-art industrial product,” Daniels said.
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