Rockefeller Group JV to Develop 297,000 SF Distribution Center in Fontana, Calif.
-Company Has Two Projects Totaling More Than 500,000 SF Under Construction in the Inland Empire
IRVINE, Calif. – December 19, 2019 – Rockefeller Group announced today the development of a 297,161 square foot industrial building on a 13.78-acre site in Fontana, Calif and the intention to form a joint venture with MBK Real Estate. The project, being marketed as Fontana Santa Ana Industrial Center, will begin construction in April 2020 with completion expected in December. Rockefeller Group acquired the land for $15.7 million as an assemblage of eleven separate parcels and recently received entitlements and approvals from the city of Fontana.
“Rockefeller Group recently completed approximately 2 million square feet of new industrial product in the Inland Empire and continues to pursue industrial development opportunities within the market,” said James V. Camp, Senior Vice President and Regional Development Officer for Rockefeller Group’s West Region. “We’re thrilled to develop in Fontana. From a location standpoint, Fontana represents everything positive about locating in the Inland Empire: proximity to major highways such as the I-10, I-215, I-15 and SR60; access to the ports and a major airport; and a local commitment to redevelopment for the betterment of the community.”
Rockefeller Group’s outlook for 2020 industrial development in the Inland Empire remains positive. Absorption rates will continue to rise as demand for industrial buildings in the region continues at record levels resulting in vacancy rates dropping to all-time lows. Per CBRE’s most recent Inland Empire quarterly industrial report, the vacancy rate for the overall Inland Empire market was 3.1% and the Inland Empire West submarket reached a low of 2.1%. The company expects e-commerce to continue to drive user activity in the region with more and more companies looking for distribution facilities accessible to the country’s largest population centers within a one-day drive. Similar to Rockefeller’s 203,000 square foot industrial project in Moreno Valley, the company expects strong demand for buildings under 300,000 square feet due to the growing focus on ‘last mile’ logistics.
Located just off the I-10 freeway in Fontana, Calif., the Fontana Santa Ana Industrial Center site is situated at the southeast corner of Santa Ana Avenue and Banana Avenue. It will feature 36-foot clear ceiling heights, approximately 10,000 square feet of speculative office improvements, 164 auto-parking stalls and 59 trailer-parking stalls.
“We would like to thank the city of Fontana for their diligence in approving this complicated land assemblage project,” said Marc Berg, Vice President and Regional Director for Rockefeller Group’s West Region. “The community seems very receptive to industrial development and recognizes its importance to growing the area’s economy.”
Paul Earnhart, Brian Pharris, and Ryan Earnhart of Lee & Associates – Ontario and Juan Gutierrez of Voit Real Estate Services are leasing the project and Nasser Mustafa of ASG Development Advisors was the land sales broker for the eleven land transactions. The architect for the project is RGA; the civil engineer is Huitt-Zollars; and RM Dalton will construct the building.
# # #