Transwestern CEO Carleton Riser and the Inland Empire property
The Inland Empire’s industrial clout keeps getting more powerful.
Transwestern Development Company has acquired a 22-acre site in Eastvale, where it will construct two buildings, comprising 338,00 square feet, it announced.
Work on the property, which Transwestern says is one of the last land parcels in the area, will begin in December and is expected to be complete next summer.
The larger building will total 267,650 square feet and the smaller one 70,700 square feet. Texas-based Transwestern’s project was designed by HPA. The general contractor is Fullmer Construction, and CBRE is the leasing team.
The site is in the Inland Empire West submarket, an area that has led the nation in large warehouse leases and has a current vacancy rate of 1.9 percent. That’s substantially lower than the national average of 4.4 percent, according to Transwestern.
Demand for logistics and distribution centers has expanded as e-commerce has grown and has propelled the Inland Empire to the top location for warehouse real estate.
Earlier this month, ASB Real Estate Investments bought the 1 million-square-foot Columbia Business Park distribution facility for $124 million from Washington Capital Management and Trammell Crow. Dedeaux Properties also purchased 1 million square feet of industrial space in the Inland Empire this month.
Earlier this year, Exeter Property Group paid $97.8 million for a 806,300-square-foot property in the Inland Empire.