Danish logistics giant Maersk has signed a lease for a 1.2-million-square-foot distribution facility in southern California, marking the largest industrial signing in the Inland Empire during the fourth quarter of 2023.

The new facility — located at 8140 Caliente Road in Hesperia, Calif., within the High Desert submarket — will serve as Maersk’s new logistics hub in the region. The lease agreement was inked with Westcore, a leading real estate investment firm that serves as the property’s landlord and developer. CBRE marketed the property for lease.

Southern California’s Industrial Sector Demonstrates Enduring Strength

Despite a 25% decrease in year-to-date sales volume through October of last year compared to the same period in 2022, the Inland Empire industrial market maintained its resilience with total sales exceeding $3.3 billion, encompassing 15 million square feet across 85 properties.

While this figure represents a significant decline from 2022’s sales of $4.4 billion across 117 properties and 15.3 million square feet, the Inland Empire industrial market still holds an average price per square foot of $245. CommercialEdge data reveals that this average price, while lower than the 2022 average of $290.67, remains higher than the 2021 average of $166.54 per square foot.

Notably, in the fourth quarter of 2022, absorption in the Inland Empire totaled 3.7 million square feet due to large occupier move-ins: Clothing company Shein took 1.8 million square feet in Cherry Valley, while United Legwear and Apparel Company occupied 1.7 million square feet in Beaumont, in addition to Maersk’s recent lease in Hesperia.

Westcore Emerges in Inland Empire

With this latest signing, Westcore — a leading industrial real estate investment firm — has firmly established itself as a major player in California’s industrial market. In September 2023, the company purchased a 3.5-million-square-foot portfolio of fully leased industrial sites across the state for more than $1 billion. The move included nine properties in the Inland Empire valued at $462 million.

For more industrial listings across major U.S. markets, visit: Commercial Real Estate & Office Space Listings | CommercialSearch