Trammell Crow Wraps Phase 2 of 1.5 MSF Inland Empire Project
Launched as a spec development, the building secured a tenant before completion.
Columbia II. Image courtesy of Trammell Crow Co.
Trammell Crow Co. and Washington Capital Management, on behalf of their client, have wrapped up construction at the second phase of Columbia Business Park. The 374,000-square-foot Columbia II is located at 300 Palmyrita Ave. in Riverside, Calif.
Similar to the first phase, Columbia II started off on a speculative basis, but subsequently found a tenant. Logistics Plus Warehousing & Fulfillment Inc. signed a five-year lease to occupy the entire building.
The 19-acre Columbia II features 36-foot clear ceiling heights, ESFR sprinklers, 54 dock-high and two ground-level doors, as well as a 185-foot concrete truck court with parking spaces for 92 cars and 42 trailers.
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Colliers Senior Executive Vice President Kevin McKenna along with CBRE Executive Vice President David Consani brokered the lease agreement on behalf of the ownership, while Foremost Commercial Real Estate Services President Jeremy Trotter represented the tenant.
Part of a broader development
The 1.5 million-square-foot master-planned Columbia Business Park is located along Riverside’s Hunter Park industrial corridor, providing connectivity to Interstate 215. The 72-acre campus also provides access to the Hunter Park/University of California Riverside MetroLink station.
The developers also plan a third phase, that can accommodate additional parking or another facility of approximately 90,000 square feet.
Completed in late 2017, the 1 million-square-foot Columbia I occupies 46 acres and is located at 490 Columbia Ave. It features 37-foot clear heights, 185-foot-deep secured truck courts, ESFR fire sprinkler systems and dedicated truck queuing lanes.
Columbia I traded in 2019, when ASB Capital Management paid $123.8 million for it, making it one of the largest single-building transactions completed in the Inland Empire at that time.
Other Trammell Crow projects
Earlier this year, Trammell Crow Co., in a joint venture with CBRE Investment Management, finished the construction of Elliot Gateway, a four-building, 516,000-square-foot Class A logistics park in Mesa, Ariz. Just last week, the same partnership wrapped construction at Tracy 205 Logistics Center in Joaquin County, Calif.
Around the same time, together with Clarion Partners, the firm also completed the 571,000-square-foot first phase of 104th Commerce Park, a Class A industrial park in Commerce City, Colo.
In a prepared statement, Trammell Crow Principal Jared Riemer stated that despite a surge in construction activity in the Inland Empire in recent years, the vacancy rate in the market is still around 1 percent at the moment. Riemer added that demand for Class A logistics facilities remains strong, leading to a rise in absorption and rent growth as tenants are attracted to newer, more contemporary buildings.
A recent CommercialEdge report also highlighted the fact that western markets showcased some of the lowest vacancy rates among the country’s leading industrial markets as of February 2023. The same source reveals that the Inland Empire recorded the largest lease spread between market average and new leases, clocking in at 28 percent.
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