WPT Industrial Inks 354 KSF Lease
The Inland Empire deal is one of several major full-building transactions the REIT signed this year.
251 E. Rider St. Photo courtesy of Colliers
Canadian REIT WPT Industrial has signed a full-building leasing agreement with iDC Logistics at an industrial facility in Perris, Calif. The logistics firm will occupy the 354,810-square-foot Class A building, its fourth location in the state.
Colliers Senior Executive Vice President Mark Zorn and First Vice President Cory Whitman represented the landlord.
The 354,810-square-foot distribution facility is located at 251 E. Rider St. Constructed in 2019, it features 47 dock-high loading doors, 36-foot clear heights, ESFR sprinkler systems and a 3,010-square-foot office component. The building’s exterior characteristics include a 185-foot truck court, 185 parking spaces and 65 trailer stalls. The property is situated within 3 miles of Interstate 215 and less than 10 miles from State Route 60. Ontario International Airport and San Bernardino Airport are both within 30 miles.
According to WPT’s first quarter results, this lease is one of several full-building agreements signed this year with the REIT. Those leases total more than 1 million square feet in Texas, New Jersey, Minnesota and California and have a weighted average term of eight years.
The Inland Empire performs
Rents for industrial property in the Inland Empire grew by 8.2 percent year-over-year, the latest CommercialEdge report shows, almost double than the national 12-month change of 4.4 percent. Coupled with the tightest vacancies in the nation at 2.1 percent, rising costs have led some tenants to consider operating in smaller, relatively close industrial markets such as Phoenix and Las Vegas.
Apart from its Perris property, WPT Industrial owns an additional 817,602 square feet of warehouse and distribution space in California, according to its website. In February this year, it closed an off-market acquisition of a 14.4-acre infill industrial parcel in Carson, Calif., for approximately $30 million, according to a first quarter earnings statement. The REIT plans to develop approximately 250,000 square feet in Carson via a joint venture arrangement. Last year, WPT Industrial acquired a logistics portfolio for $730 million, totaling roughly 9 million square feet of industrial space across eight states.
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