Maersk has inked a deal for a 1.2 million-square-foot distribution warehouse in the Mojave Desert north of Cajon Pass on the edge of the Inland Empire.
The Denmark-based shipping and logistics giant leased the industrial building along the 15 Freeway at 8140 Caliente Road, in Hesperia, according to the Commercial Observer, citing a Savills report.
It was the largest industrial signing in the Inland Empire during the fourth quarter. Terms of the deal with San Diego-based landlord Westcore were not disclosed.
Absorption in the Inland Empire totaled 3.7 million square feet last quarter because of “large occupier move-ins,” according to the Observer.
They include apparel company Shein, which took 1.8 million square feet in Cherry Valley; United Legwear and Apparel, which occupied 1.7 million square feet in Beaumont; and Maersk in Hesperia.
Despite the positive absorption, the IE’s industrial market vacancy rose 1.4 percent in the final three months of the year to 6.5 percent because of high construction completions and a large amount of available sublease space, according to the Savills report.
Some 500,000 square feet next to the Maersk warehouse on the southwest edge of Hesperia is available for sublease. The second-largest lease of the quarter was a 557,200-square-foot sublease in Redlands.
Savills expects vacancy will continue to climb this year.
In September, Westcore paid $1 billion for a 3.5 million-square-foot portfolio of fully leased industrial buildings in California, including nine properties in the IE for $462 million, according to the Observer. The buildings are in Livermore, Chino and Santa Clarita.
The purchase increased Westcore’s assets under management to more than $4 billion across 25 million square feet throughout the U.S.
The firm, founded by Marc Brutten in 2000, has spent more than $14 billion to buy more than 1,750 commercial buildings across the U.S., containing more than 150 million square feet, according to its website.
— Dana Bartholomew
