Orbis Real Estate Partners and Chase Partners have sold The Campus, three brand-new, 100 percent leased industrial buildings located at 6285-6330 Providence Way in Eastvale, California, to Irvine-based real estate investment and management company LBA Realty LLC for an undisclosed amount. Barbara Perrier, Darla Longo, Rebecca Perlmutter, Eric Cox and Wes Jones of CBRE’s National Partners West team represented both parties in the transaction.
The Campus sits on nearly 10 acres and comprises three class-A warehouse and distribution facilities totaling 192,913 square feet. The buildings feature 30-foot clearance height, ESFR sprinkler systems, 16 dock-high loading doors, eight ground-level doors, and secured yards.
The project, which was completed at the beginning of 2018, is 100 percent leased to three tenants — Smithfield Packaged Meat Corp., Turn Key Logistics Inc., and Rugby Architectural Building Products — with almost nine years of average remaining lease terms.
“The Inland Empire West is ideally located for e-commerce and 3PL users with its regional transportation links,” Perrier says. “We continue to see users enlarge their footprints and migrate to the gateway market of this area.”
As one of the most active industrial markets in the nation, the Inland Empire is a key location, benefiting from logistics advantages, extraordinary demand, and solid rental growth, CBRE reports. An ample amount of available land and steady construction activity make the region perfect for big-box industrial development. Strong occupancy gains over the last 36 months bode well for the rest of 2018 and are expected to boost the overall average asking lease by 1.4 percent, according to CBRE’s Q2 report.