|First Industrial Investing $74 Million to Develop Two Distribution Facilities Totaling 789,300 Square Feet in Southern California|
|Tuesday, 09 October 2012 08:42|
First Industrial Realty Trust, a leading owner and operator of industrial real estate and provider of supply chain solutions, has launched the development of two new state-of-the-art industrial buildings totaling 789,300 square feet in Southern California. The new developments follow First Industrial's recent leasing win at its 692,000 square-foot First Inland Logistics Center in the Inland Empire and other local lease signings.
First Bandini Logistics Center will be a 489,000 square-foot distribution center built on 21 acres at 5555 Bandini Boulevard in Los Angeles County, just five miles southeast of downtown Los Angeles directly off the I-710 freeway. The facility is adjacent to the BNSF and Union Pacific intermodal sites and will provide efficient access to the Ports of Los Angeles and Long Beach as well as the Los Angeles International Airport. The building will feature 32' clear height, 71 loading docks, drive-in doors on each side, ample trailer and car parking, ESFR sprinklers, and wide truck courts for efficient access. Construction is expected to begin in late October and will be completed to California's leading CalGreen code standards. The building would be an ideal new home for tenants with expansion or consolidation needs from the proximate South Bay or Central Los Angles areas. Estimated investment is $54 million.
First Chino Logistics Center is a 300,300 square-foot industrial facility currently under construction, being built on 16 acres in the City of Chino in San Bernandino County. The supply constrained Chino industrial submarket in the West Inland Empire is the intersecting point for the four major counties of the greater Los Angeles area. The building will feature 32' clear height, excellent trailer and car parking, ESFR sprinklers, 45 dock doors, two drive-in doors, and a wide truck court including double stacked trailer stalls. The building will offer prospective tenants excellent highway access to six major freeways and proximity to the Chino and Ontario airports. Construction will be completed to CalGreen code standards. Its location on the western tip of the Inland Empire will lower drayage costs for port traffic compared to other Inland Empire locations, as well as offer access to a broad labor pool. Estimated investment is $20 million.
"We are excited to embark on these new developments in Southern California to expand our investment in the nation's largest distribution market," said Johannson Yap, First Industrial's Chief Investment Officer. "Both properties offer proximity to the ports and access to the expansive LA Metro population center. First Bandini will be a rare state-of-the-art distribution solution in an established infill market, while First Chino has a unique competitive position at the west most point of the Inland Empire."
First Industrial's team for the developments will be led by Ryan McClean, senior regional director, and Larry Cochrun, director of development, based in the Company's Southern California office.
Los Angeles-based Xebec Building Company will construct both facilities. First Industrial would like to thank Darla Longo and the entire Longo team of CBRE Group, Inc. for their roles in these projects.
First Industrial recently signed a long-term lease agreement at its 692,000 square-foot First Inland Logistics Center in the Moreno Valley in the Inland Empire to a leading specialty retailer. The Company also signed a 29,840 square-foot lease with Fox Transportation at 18408 Laurel Park Road in Rancho Dominguez, and a 23,668 square-foot renewal with United Wholesale Flooring at 1250 Rancho Conejo Boulevard in Thousand Oaks.
"Our new development projects build upon our recent leasing successes in Southern California, and will enable us to serve customers looking to grow and gain efficiencies," said Mr. McClean.
First Industrial currently owns and manages approximately 3.3 million square feet in Southern California. Upon completion of these new developments, First Industrial will expand its Southern California holdings to approximately 4.1 million square feet.
Source: First Industrial