The Inland Empire's Massive Distribution Market Turns Eastward As Large Blocks of Land Become More Scarce
Irvine, CA-based Sares-Regis Group (SRG) announced plans to develop up to 1.6 million square feet of distribution space on 72 acres in Moreno Valley, CA, in the Inland Empire market.
The property is on Grove View Road off Perris Boulevard near the Harley Knox Boulevard exit from Interstate 215. The property is near March Air Reserve Base and other regional distribution centers for brands and retailers that include Whirlpool, Hanesbrands Inc., Home Depot, Lowe's and Ross.
Sares-Regis is developing plans and engineering with the goal of moving ahead with construction in first-quarter 2014, with completions by the end of next year, said Larry Lukanish, senior vice president in SRG's Commercial Investment Division.
Lukanish said the property is the largest approved distribution site in the Inland Empire, and near the Sares-Regis Perris Logistics Center, under development with a 580,000-square-foot distribution building.
SRG won city approvals to develop the site while it was completing due diligence for its recent acquisition of the land from a private investor. Terms of the sale were not immediately available.
The Perris and Moreno Valley buildings will be built to LEED specifications. Brokers Joe McKay and Mike Wolfe in Lee & Associates' Ontario office represented SRG and the seller in the transaction.
Privately held Sares-Regis Group has developed or acquired about 40 million square feet of industrial and commercial properties worth $3 billion since 1994, primarily in California. The company manages 20 million square feet of commercial property for its partners and investor clients.