Invesco has secured a tenant for an Inland Empire industrial property with a new lease worth more than $40 million.
An unnamed auto parts distributor signed a lease worth about $42 million for Invesco’s Class A distribution facility at 16380 Euclid Avenue in Chino, L.A. Business First reported. The property totals 522,270 square square feet.
Daum Commercial Real Estate Services’ Gus Andros along with Lara CRE’s Nathan Lara, Andrew Lara, Rudy Lara and Jack Nersesian represented the undisclosed tenant in the transaction. Colliers’ Steve Bellitti, Tom Taylor, Joey Jones and Evelyn Manning represented landlord Invesco.
The deal expands the auto parts distributor’s Southern California logistics footprint with another major hub in one of the region’s tightest industrial submarkets. The tenant already occupies a nearby 200,000-square-foot facility that Daum previously helped secure. “As the business has continued to expand, they required additional capacity to complement their existing footprint, Andros said.
The property, built in 2014 within the Chino South Industrial Center, boasts 32-foot clear heights, extensive dock-high loading, a large truck court and access to key freight corridors including Interstates 10 and 15 and California State Routes 60, 71 and 91. Buildings exceeding 500,000 square feet remain relatively scarce in Inland Empire West, making transactions of this size increasingly competitive, Andros said.
Chino’s industrial market is demonstrating continued strength despite a broader slowdown in warehouse leasing across Southern California. Direct vacancy in the city stood at more than 3.2 percent in the first quarter, while average asking rents reached $1.26 per square foot, according to Daum. Meanwhile, industrial vacancy in the Inland Empire sat at 8.6 percent in the first quarter with an average asking rent of $1.02, according to a Cushman & Wakefield report. Net absorption in the submarket was negative 3.4 million square feet.
— Chris Malone Méndez
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