13592 Slover Ave. Picture courtesy of Alere Property Group LLC
Alere Property Group LLC will quickly develop its footprint in Southern California’s high-demand Inland Empire, having simply acquired the land for a brand new 350,000-square-foot warehouse and distribution mission. The economic actual property firm bought simply over 17 acres in Fontana, Calif., from CP Fontana, an entity of Clark Pacific, in a deal valued at roughly $38.9 million.
NAI Capital Business‘s Richard Lee, Nicholas Chang, Justin Kuehn and Sione Fua represented each Alere and the vendor of the 2 parcels of land. Situated at 13592 Slover Ave., simply off Interstate 10 within the Inland Empire West submarket, the positioning is already zoned for industrial improvement.
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The 2-building speculative improvement, known as Fontana Company Heart in paperwork submitted to the Metropolis of Fontana Planning Division, will include an roughly 209,400-square-foot facility and a 143,000-square-foot warehouse. Each buildings will embrace 5,000 sq. toes of workplace house every. Alere expects to start development of the Fontana mission in 2024.
Weathering the storm
Inflationary fears are rearing their ugly head throughout the industrial actual property market, and the long-thriving industrial actual property sector isn’t any exception. Nevertheless, the Inland Empire has remained above the fray as one of the vital costly industrial markets within the U.S., and positively one of many tightest.
“Whereas the financial outlook is unsure, the scope and relevancy of the Inland Empire has shielded the commercial market from most of the main pitfalls different markets are going through,” in keeping with a fourth quarter 2022 report by CBRE. The numbers inform the story; the area’s industrial emptiness charge remained low on the shut of 2022, touchdown at simply 1.1 %.
Headwinds proceed, however the forecast for the Inland Empire market stays vibrant, even within the face of excessive ranges of recent improvement. All indicators point out that Alere’s mission is more likely to be properly acquired.
