Member News  

NAIOP Member News offers members the opportunity to promote important announcements from their company. These include personnel transactions (hirings, promotions), company news (awards, relocations, stock reports, mergers and acquisitions) and deals (purchases, sales, major financing, awarding of property management contracts, groundbreaking and topping off, leases and land sales).

Submit your news using the online form. NAIOP will review submissions for length, clarity and appropriateness. Press releases sent directly to NAIOP may not be included.

10/19/2021 Personnel News

C.W. Driver Companies Promotes Brent Hughes to Chief Operating Officer

C.W. Driver Companies

C.W. Driver Companies is proud to promote Brent Hughes to chief operating officer, expanding his responsibilities as vice president of operations to provide executive-level oversight on all C.W. Driver Cos. projects across the Greater LA and San Diego areas. “Brent is a master builder, bringing comprehensive construction experience to his leadership role and a strong desire to make every endeavor a success,” said Dana Roberts, chief executive officer at C.W. Driver Cos. “Through his steadfast commitment to his team and clients, diligence in getting every detail right, and proper execution of processes, he will continue to add tremendous value to our company, now and into the future.” Hughes will be responsible for the company’s operational oversight and client satisfaction for projects statewide, including contract negotiations, staffing, scheduling, financial controls, reporting and closeout. Hughes will promote a consistent company culture and vision across affiliates and develop training and performance strategies to ensure the success and safety of more than 300 employees. “I’m so proud of the momentum we’ve built to consistently deliver high-caliber projects for a diverse range of clients,” said Hughes. “I’m honored to join the C.W. Driver Cos. executive team in shaping the future of the company as we build projects that make a difference for the community, whether that be for schools, multi-family housing, hospitality and gaming, civic buildings or commercial spaces.” Hughes has more than 25 years of experience in the construction and architectural industry and joined C.W. Driver Cos. in 2011.

Contact: Janelle Kruly, 714-436-0855

10/18/2021 Personnel News

Dermody Properties Congratulates Gene Preston on His Retirement

Dermody Properties

Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, is pleased to congratulate Gene Preston, East Region Partner, on his retirement later this year. Preston joined the company in 2012 and has been responsible for the company’s land and building acquisitions, build-to-suit projects, development activities and asset management in the eastern United States. His official retirement date is December 31, 2021. “I have tremendous respect for Gene… his outstanding accomplishments are the foundation that will enable the East Region to continue its strong growth,” said Michael C. Dermody, CEO and Chairman of Dermody Properties. “On behalf of all of us at Dermody Properties, we wish him the very best in the good years ahead.” During his career, Preston has developed and acquired approximately 28 million square feet of industrial and logistics space representing approximately $2 billion of invested capital. Notably, Preston oversaw the acquisition of a former General Motors site in Boxwood, Del., which was later developed as the state’s largest and most advanced logistics facility. Since 2012, Preston has overseen more than 2.8 million square feet of development at LogistiCenter℠ at Logan. In 2017, he negotiated the acquisition and oversaw the development of LogistiCenter℠ at Midway, in Bethel Township, Penn., which, at the time, was the largest building in the Dermody Properties portfolio at over one million square feet. Most recently, Preston and the East Region team broke ground on a 1.1 million-square-foot industrial project in Southern New Jersey, known as LogistiCenter℠ at Woolwich. A respected leader, Preston served as President of the New Jersey chapter of NAIOP in 2019 and 2020, capping off his career long membership in the organization. He is a licensed real estate salesman and is a member of SIOR and its New Jersey and Pennsylvania chapters.

Contact: Sara Robbins, 702-283-0447

10/13/2021 Company News

C.W. Driver Companies Completes Orange Coast College Language Arts and Social Science Building

C.W. Driver Companies

C.W. Driver Companies, a leading builder serving California since 1919, today announced the completion of a $61.5 million Language Arts and Social Science Building at Orange Coast College (OCC). The three-story, 107,760-square-foot facility houses classrooms, office spaces, conferences rooms and support spaces, including a computer lab for English as a Second Language, facilities for speech, debate and theater, and a journalism newsroom for the college’s student-run newspaper, Coast Report. Part of a larger initiative to modernize the campus and accommodate growth over the past decade, the Language Arts and Social Science Building includes new indoor labs for the psychology, economics, English, world languages and communications departments, and indoor/outdoor laboratories for the geography and anthropology departments, as well as storage spaces. The second floor comprises classrooms and connects to the existing adjacent Mathematics Business and Computer Center Building through a new skyway bridge. The third floor is home to additional classrooms, faculty offices and administrative offices. “With many of its original buildings dating back to the 1950s, Orange Coast College sought ground-up construction of a modern, tech-enabled facility that would bring faculty and students together from similar departments under one roof,” said Dave Amundson, project executive at C.W. Driver Companies. “The Language Arts & Social Science Building will serve nearly 25% of the campus enrollment, fostering a centralized community of learning while being adaptable to education needs for many years to come.” The building replaces the 60-year-old social sciences classrooms and 50-year-old literature and languages building, which were inefficient and largely in disrepair. Additional features include essential modern elements such as two elevators, a lactation room and gender-neutral restrooms on every floor. C.W. Driver Companies partnered with tBP Architecture on the Language Arts and Social Science Building.

Contact: Janelle Kruly, 714-858-0945

10/06/2021 Company News

Alere Property Group Acquires Marquee Industrial Asset in Norco, Calif.

Alere Property Group

Alere Property Group, a leading developer and investor of industrial real estate in Southern California, today announced its acquisition of Saddle Ranch Business Park, a 422,000-square-foot Class A industrial warehouse complex in Norco, Calif. Alere purchased the asset, which is fully leased to vitamin and nutrition company, Goli Nutrition, from Southern California-based developer CapRock Partners. Terms of the purchase and sale transaction are not disclosed. “Saddle Ranch Business Park is a well-designed and uniquely positioned asset within the Inland Empire West, and is a strategic acquisition for Alere,” said Alan Carmichael, senior vice president of investments at Alere Property Group. “Demand for modern industrial space in the Norco/Corona submarket is supported by its accessibility to Orange County. The recently completed property, which is located along the I-15 freeway and near a major logistics interchange, compliments Alere’s approach and is an excellent addition to our portfolio of high-quality industrial assets.” Saddle Ranch Business Park consists of four state-of-the-art buildings ranging in size from approximately 81,000 square feet to 158,000 square feet with clear heights from 30 feet to 32 feet. The concrete tilt-up structures feature dock high and grade level loading, ESFR sprinklers, ample power, large truck courts and 5.6% office space. CBRE represented Alere and CapRock and in the transaction, led by Darla Longo, Barbara Perrier, Rebecca Perlmutter, Joe Cesta and Eric Cox. The following team from Lee and Associates also consulted in the deal: Paul Earnhart, Jeff Ruscigno, Brian Pharris and Ryan Earnhart.

Contact: Nicole Deermount, 949-274-3855

10/05/2021 Company News

Dermody Properties Leases More Than 26,000 SF at LogistiCenter℠ at Rohnert Park

Dermody Properties

Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, has leased part of LogistiCenter℠ at Rohnert Park to Ferguson, one of the largest distributors of plumbing and HVAC products. The lease will commence in the fourth quarter of 2021 and consist of 26,305 square feet of building space in addition to an improved exterior yard. The remaining suite of 26,332 square feet is available to lease. “The building’s location will provide Ferguson with access to the residents of Marin County. The building itself is one of a few Class-A buildings in Sonoma County,” said George Condon, West Region Partner at Dermody Properties. “We plan to continue developing in Sonoma County and look forward to announcing our next project in a few months.” Located at 201 Business Park Drive, the total building size of LogistiCenter℠ at Rohnert Park is 69,550 square feet. The development has direct access to, and visibility from, California Highway 101. The property is just one mile from the SMART train line, less than 55 miles from the Port of Oakland and less than 65 miles from the San Francisco and Oakland international airports. “Northern California remains one of the largest active regions in the marketplace as many companies look to expand along the West Coast,” said Elizabeth Kauchak, Chief Operating Officer at Dermody Properties. “We’re finding that strategically located properties like this one, and especially those equipped for manufacturing and distribution operations, are leasing just as quickly as we can develop them. As such, we remain focused on providing the best opportunities for our customers.” Trevor Buck, Steven Leonard and Brian Foster of Cushman & Wakefield represented Dermody Properties in the transaction. Tom Sorrell and Ken Morris of CBRE represented Ferguson. For more information on LogistiCenter℠ at Rohnert Park, visit the Dermody Properties website.

Contact: Sara Robbins, 702-283-0447

10/01/2021 Personnel News

Clayton Kline Joins Stream Realty Partners’ Dallas Office

Stream Realty Partners

Stream Realty Partners is pleased to announce that Clayton Kline has joined as an Executive Vice President with the Office Occupier Services division in Dallas. Kline has been charged with expanding the firm’s Occupier Services business and overall footprint in the region. A 20-year industry veteran and Dallas native, Kline built his career in New York City where he provided advisory services to commercial landlords and tenants while building an extensive international real estate network. His arrival gives Stream an opportunity to leverage his vast experience and successful track record as it continues its rapid growth trajectory. “We are thrilled to welcome one of New York City’s best known and most successful real estate executives home and to our growing team,” said Craig Wilson, Executive Vice President of Stream’s National Occupier Services Group. “The agility of our platform and the unique opportunities it creates puts us in a very strong position to attract talented individuals like Clayton and pursue our plan to make additional significant hires in the coming months.” Added Kline, “Stream is a high energy organization with excellent strategic direction and an entrepreneurial spirit designed to allow its professionals to flourish. I am looking forward to contributing to the success of the organization.” Kline was most recently an Executive Vice President with JLL where he represented Twitter in its 215,000-square-foot NYC headquarters lease at 245/249 West 17th Street and its 40,000-square-foot lease at 340 Madison Avenue; Guggenheim Partners in its 180,000-square-foot global headquarters lease at 330 Madison Avenue; and Complex Media’s 45,000-square-foot lease at 1271 Avenue of the Americas. Also active on the landlord side, Kline led the repositioning and rebranding of the 8.5 million square foot World Financial Center to Brookfield Place on behalf of Brookfield Office Properties as its exclusive leasing agent. Kline began his real estate career at The Staubach Company.

Contact: Beth Atkinson, 312-508-9044

09/23/2021 Company News

Alere Property Group Starts Development on Two New Industrial Warehouse Complexes in Chino, Calif.

ND Communications

Alere Property Group is under construction on two new state-of-the-art industrial warehouse complexes in separate locations in Chino, Calif. Combined, the two speculative ground-up development projects will add approximately 626,000 square feet of industrial space to the Inland Empire West submarket. The projects will provide a range of product sizes with above-average building characteristics to accommodate a variety of tenants and uses. “Alere is excited to bring two new highly-efficient and aesthetically appealing warehouse parks to Chino. The city is a sophisticated business-friendly community that is committed to maintaining its integrity and appeal as it positions itself as a critical logistics and distribution hub,” said Clark Neuhoff, chief development officer at Alere Property Group. Euclid Industrial Park is located at the northeast corner of Bickmore Avenue and Euclid Avenue (CA-83), a regional thoroughfare. It is a 360,000-sq.-ft. development consisting of eight warehouse buildings from 13,050 to 206,118 sq. ft. With a clear height of 36 feet, Building 1 will be just one of a few offerings with this size and specification in the submarket. The smaller buildings are designed to 26-ft. clear height. Chino Commerce Park is located at the northwest corner of East End Avenue and County Road. It will consist of four buildings totaling approximately 266,348 sq. ft. The project is anchored by a 210,747-sq.-ft. distribution warehouse with 36-ft. clear height and includes three smaller buildings ranging from 15,104 to 25,177 sq. ft. all with 26-ft. clear heights. Alere is currently in development on five ground-up industrial projects over 1 million square feet in Southern California, including Euclid Industrial Park and Chino Commerce Park. The firm continues to target core and value-add investment opportunities, in addition to large-scale ground-up development opportunities ranging from 25,000 to over 1 million square feet.

Contact: Nicole Deermount, 949-274-3855

09/22/2021 Deal

John White, Director of Physician Representation at NAI Legacy Arranges Sale of a $6.6M Medical Office Building

NAI Legacy

NAI Legacy’s Physician Representation Division, lead by John White, announced today the sale of a professional medical surgery center made up of three condominium units that were physician owned. NAI’s team worked closely with selling physicians, their administrative staff, and the buyer to close this deal. The Property was built in 2005 by a group of Physicians who were also the major tenants. The 9-suite property is 100% occupied. John White, the Director of the Physician Representation Division at NAI Legacy commented, “The deal metrics were attractive, but it was the teamwork between individuals that brought this deal to fruition. It was a pleasure working with an experienced and professional buyer and a group of physicians and staff members who approached the deal with strong integrity, quick responses and focus.” The NAI Legacy Physician Representation Division has been diligently helping physicians to maximize the value of their assets when planning change-of-control transactions. NAI Legacy’s tax advantageous selling process, along with a suitable exchange or replacement options, make NAI’s team and expertise a viable strategic partner for Physicians alike. Garrett Farmer, Managing Broker, said, “White’s experience and expertise in the medical space, along with NAI’s strategic exit options enables his clients (physicians) to fully understand their options while navigating complex transactions. We are fortunate to have John oversee our Physician Representation Division.” About NAI Legacy Coupling the latest technology with a traditional emphasis on customer service, the NAI Legacy team provides strategic guidance, administrative support and brokerage services for properties totaling nearly 2,500,000 square feet. With business lines including property management, traditional sales and leasing services, and 1031 tax-deferred exchange solutions, NAI Legacy is adept at navigating all aspects of quality commercial real estate assignments.

Contact: Garrett Farmer, 952-217-5372

09/21/2021 Company News

Dermody Properties Announces the Lease of LogistiCenter℠ at Rialto II Building 8 to DCG Fulfillment

Dermody Properties

Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, has leased LogistiCenter℠ at Rialto II Building 8 to DCG Fulfillment, a family-owned third-party logistics provider on the West Coast. Beginning December 1, the customer will lease the entire 258,737-square-foot building, located at 1645 W. Renaissance Parkway in Rialto. “The building’s high-image appearance, state-of-the-art features, nearby amenities and proximity to major arterials attracted the company to this property,” said Matt Mexia, Partner in Southern California at Dermody Properties. “This will be a new location for DCG as they look to expand their existing customer accounts and add additional ones to their portfolio.” DCG Fulfillment will lease the building for five years. LogistiCenter℠ at Rialto II Building 8 is a new construction project that was completed earlier this year. The property is located within the Renaissance Rialto master-planned development and provides an excellent location to service both Southern California and the Western United States, situated between the Interstate-210, Interstate-15 and Interstate-215 freeways. “Southern California’s low vacancy rate, particularly in the Inland Empire, poses a challenge to companies looking for space,” said Elizabeth Kauchak, Chief Operating Officer at Dermody Properties. “However, we continue to see demand and leasing activity happening just as quickly as we’re acquiring and developing new projects in the region, which is why we remain focused on seeking out those strategic opportunities for our customers.” Dan de la Paz, David Consani and Jim Koenig of CBRE represented Dermody Properties in the lease. DCG Fulfillment was represented by Mark Kegans and Ron Washle of Newmark Ontario.

Contact: Sara Robbins, 702-283-0447

09/15/2021 Company News

Dermody Properties Announces a 713,701-Square-Foot Logistics Park in the Bay Area

Dermody Properties

Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, is pleased to announce the acquisition of 49 acres in the North Bay which will be developed into five buildings totaling more than 700,000 square feet of logistics space. Known as LogistiCenter℠ at Fairfield, groundbreaking is expected later this year with delivery in Q3 2022. “Fairfield is one of the most business-friendly cities in the Greater Bay Area,” said George Condon, West Region Partner at Dermody Properties. “The labor pool is one of the strongest in the region and rental rates are approximately 40% less than rental rates along the 880-Corridor.” All five buildings are available for pre-leasing. Matt Bracco, Glen Dowling and Chris Neeb of JLL will represent Dermody Properties in all leasing activity. The industrial park, located at Beck Avenue and Cordelia Road, will feature five buildings ranging from 82,620 square feet to 259,200 square feet. Highlights include 32’-36’ of clear height, at least 50’ x 50’ column spacing and ample car and trailer parking. Each building will be equipped with an ESFR fire protection system and accommodate between 14 and 38 dock high doors. The San Francisco, Oakland and Sacramento International Airports are located within a 60-mile radius, along with the Ports of Richmond, Oakland and Stockton. The site offers direct access to and is less than half a mile from Highway 12, and Interstate 80 is within two and a half miles of the property. “At Dermody Properties, our strategy is always customer-focused and includes sourcing and developing the best space for their needs,” said Tim Walsh, Partner and Chief Investment Officer at Dermody Properties. “LogistiCenter℠ at Fairfield is in an ideal location that offers excellent proximity for a last-mile facility and a strong concentration of industrial labor.”

Contact: Sara Robbins, 702-283-0447

09/07/2021 Company News

CapRock Partners Starts Development on Largest Speculative Industrial Complex in the History of Phoenix

CapRock Partners

CapRock Partners, a leading industrial investor, developer and asset manager in the Western U.S., today announced the development of CapRock West 202 Logistics, the largest speculative industrial real estate project in the history of the City of Phoenix. CapRock is transforming one of the largest remaining infill land sites in the Southwest Phoenix submarket into a state-of-the-art eight-building, Class A industrial warehouse complex totaling 3.4 million sq. ft. The project will be highly accessible to key logistics transportation routes and bring much needed modern warehouse space to the Phoenix MSA as it continues to experience robust population and employment growth. “Phoenix is now the fifth largest municipality in the U.S. and also the fastest-growing big city. With a majority of the Valley’s new industrial product delivering in the outer submarkets such as the northwest, CapRock Partners is proud to bring CapRock West 202 Logistics to central Phoenix, in an ideal infill location close to Downtown and along a major transportation corridor,” said Bob O’Neill, senior vice president, acquisitions at CapRock Partners. “CapRock West 202 Logistics will surpass all other large-scale industrial projects within Phoenix’s city limits by more than 1 million square feet. Unmatched in magnitude, location and accessibility, the project will set a new standard for warehouse development in the City of Phoenix, drawing world leaders in distribution, manufacturing and logistics in need of contemporary space to accommodate the region’s remarkable growth.” CapRock West 202 Logistics is within the SE quadrant of the I-10 Freeway and Loop 202, at the NE corner of North 59th Ave. and West Van Buren St. The buildings will range from 228,000 to 1,065,000 sq. ft., with clear heights between 32-feet and 40-feet. All buildings will feature dock-high and ground-level loading with secured concrete truck courts. Phase I groundbreaking is planned for November 2021, with completion and delivery anticipated by yearend 2022.

Contact: Shauna Crosser, 949-342-8000

08/12/2021 Company News

Dermody Properties Leases 42,268 Square Feet in West Sacramento to FRSTeam

Dermody Properties

Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, is pleased to announce the lease of space at LogistiCenter at Southport to FRSTeam, an international company specializing in fabric and electronic restoration. The company will occupy 42,268 square feet in the building in the fourth quarter of 2021. In March, we announced that LKQ Corporation would lease 152,857 square feet of LogistiCenter at Southport. With FRSTeam moving in as the second tenant in the building, only 184,004 square feet of space remains available within the Class A, state-of-the-art logistics facility. Michael Lyons of CBRE is the leasing agent for the property. Dave Planting of CBRE represented FRSTeam. Tom Schaal and Mark Heavey of Schaal Realty Advisors are Dermody Properties’ partners. Located within the 650-acre, master-planned Southport Industrial Park, the remaining available space at LogistiCenter at Southport features 35 dock high doors and two grade-level doors. The building is also equipped with an ESFR fire protection system. LogistiCenter, a nationally trademarked brand owned and developed by Dermody Properties, represents the company’s business philosophy of developing Class A distribution and logistics facilities that meet the supply-chain requirements of the most innovative companies.

Contact: Sara Robbins, 702-283-0447

08/05/2021 Personnel News

IDI Logistics Welcomes New Northeast Market Officer

IDI Logistics

(ATLANTA, GA – August 3, 2021) – IDI Logistics, a leading developer and manager of logistics real estate, today announced Justin Burns has been appointed Market Officer for the company’s Northeast portfolio. Based in New Jersey, Burns will be responsible for acquiring industrial land sites, developing best-in-class logistics facilities and all leasing and asset management across the Northeast. This region includes the markets of New York, New Jersey, Pennsylvania, and Baltimore-Washington corridor. “The Northeast logistics markets are some of the strongest in the U.S. in terms of rent growth and user demand,” said Mark Saturno, CEO of IDI Logistics. “Justin’s market expertise will help IDI expand our presence in these important logistics hubs.” “We are excited for Justin to join our growing team,” said Matt Breaux, Senior Vice President and East Region Director for IDI Logistics. “His broker relationships and industrial knowledge will help us continue to grow the IDI platform throughout the Northeast region.” Breaux himself joined IDI earlier this year to oversee the eastern US markets for IDI Logistics. The addition of Breaux and Burns reflects IDI’s commitment to growing its presence in the east coast markets. Prior to IDI Logistics, Burns served as Vice President of Acquisitions at Penwood Real Estate Investment Management, and as Acquisitions Officer at Exeter Property Group. Over his career, Burns has transacted approximately $1.5 billon of industrial, office, and land investments. He holds a Bachelor of Science degree in Business Management from the Quinnipiac University School of Business. # # # IDI Logistics IDI Logistics is a leading developer and manager of logistics real estate in the U.S. The fully-integrated logistics platform has a long track record of speculative development, build-to-suits and value-add acquisitions. Since 1989, IDI Logistics has developed more than 100 world-class business parks and 750 warehouses totaling over 200 million sf throughout North America.

Contact: Reed Barrickman, 404-479-1626

08/03/2021 Company News

Alere Property Group Acquires 35,475-Square-Foot Industrial Building in Irvine, Calif.

Alere Property Group

Alere Property Group has acquired a 35,475-square-foot, Class A industrial warehouse within the Irvine Spectrum submarket of Irvine, Calif. The divisible building features include a 26-foot clear height, two dock-high loading positions and three ground-level doors, in addition to 12,000 square feet of office space. The property is well-suited for a single or two-tenant occupancy with visible office frontage and ample loading on both sides of the building. Alere purchased 8710-8750 Research Drive from a private investor. The building was constructed in 2005 and is currently occupied by a manufacturer of technological equipment for industrial machinery. The tenant is expected to continue operations as is. “The acquisition of 8710-8750 Research Drive is an important addition for the diversification and long-term value of Alere’s portfolio,” said Alan Carmichael, senior vice president of investments, at Alere Property Group. “Alere owns approximately 3.71 million square feet across 50 assets within Orange County. 8710-8750 Research Drive is a premier, flexible light industrial space in an A+ location within the Irvine Spectrum that Alere is confident will perform well for years to come.” 8710-8750 Research Drive lies within the Irvine Spectrum 5 area of the Irvine Spectrum master plan, a 3,600-acre business community that is subject to development and maintenance requirements managed by the Irvine Company and the City of Irvine. The Irvine Spectrum is a highly coveted location for smaller high-quality industrial space due to its accessibility to executive housing, strong employment and regional logistics transportation routes. Located at the convergence of the I-5 and I-405 freeways, the two largest arterial highways passing through Orange County, 8710-8750 Research Drive offers direct access to Southern California’s vast transportation network.

Contact: Nicole Deermount, 949-274-3855

07/27/2021 Company News

Caprock Partners Acquires 20.7 Acres in North Las Vegas Land Assemblage Play for Development of New 441,554-Square-Foot Industrial Complex

CapRock Partners

CapRock Partners, a leading industrial real estate investment, development and third-party asset management firm, has closed on a 10-parcel land acquisition assemblage totaling 20.7 acres for the development of three state-of-the-art industrial buildings totaling 441,554-square-feet in North Las Vegas. CapRock acquired the land for the to-be-built Class A project in unimproved condition from nine individual sellers. Development is underway and groundbreaking is planned for Q1 2022. Project completion is anticipated in Q4 2022. CapRock Tropical Logistics Phase II is the second phase of the adjacent CapRock Tropical Logistics, a two-building 1.1 million-square-foot logistics complex currently finishing construction. Collectively, the two phases total 105 acres, or 34 legal parcels, acquired via assemblage from 22 unrelated sellers. Phase I is currently 100% pre-leased and scheduled for completion in Q3 2021. “CapRock worked closely with each parcel’s seller and leveraged its understanding of the area’s local infrastructure, civil planning and market dynamics to assemble and rezone the project site. The assemblage is exemplary of CapRock’s tenacity and vision, which is what guides our team in creating value in some of the most competitive industrial real estate markets in North America,” said Taylor Arnett, first vice president of acquisitions at CapRock Partners. At completion, CapRock Tropical Logistics Phase II will include three individual buildings all with 32-foot clear height, large truck courts and approximately 362 parking stalls. Building 1 will be approximately 248,391 square feet and include over 300 linear feet of I-15 freeway frontage, 32 dock-high doors, a 185-foot truck court and 57 trailer stalls. Buildings 2 and 3 will be approximately 101,825 and 91,338 square feet respectively. CapRock Tropical Logistics is located within the North Las Vegas Speedway submarket, along the south side of the I-15 freeway. The location provides prime freeway frontage, visibility and is accessible via Beesley Drive.

Contact: Shauna Crosser, 949-342-8000

07/26/2021 Deal

ALERE PROPERTY GROUP ACQUIRES 72,051-SQUARE FOOT INDUSTRIAL WAREHOUSE IN RANCHO CUCAMONGA

Alere Property Group

Alere Property Group, a leading developer and investor of industrial real estate in Southern California, today announced its acquisition of 8700 White Oak Avenue, a 72,051-square-foot, single-tenant distribution warehouse in Rancho Cucamonga, Calif. The property is well-located in the Inland Empire West submarket, accessible to the region’s vast logistics transportation routes and includes design elements ideal for last-mile distribution. The building is currently occupied by a third-party logistics (3PL) user. Terms of the transaction are undisclosed. “8700 White Oak Avenue is a welcome addition to Alere’s established Inland Empire portfolio,” said Alan Carmichael, senior vice president of investments, at Alere Property Group. “The property represents a unique opportunity to acquire a well-configured industrial asset with a first-rate tenant at below replacement cost. Alere continues to seek investment opportunities in top-tier locations throughout Southern California that offer exceptional functionality, accessibility and efficiency.” Completed in 2000, 8700 White Oak Avenue was acquired in excellent condition. The 4.37-acre property features a secured, drive-around yard with two points of entry. The building offers 26-foot clear height, 15 dock-high doors, two grade-level doors and 4,800 square feet of two-story office space. 8700 White Oak Avenue is centrally located within Rancho Cucamonga’s industrial area and easily accessible to the ports of Long Beach and Los Angeles and other key logistics hubs via the I-210, I-15, and I-10 freeways. The property lies south of Arrow Route, between Haven Avenue and Milliken Avenue, two major regional thoroughfares. The Ontario International Airport is within a ten-minute drive from the property.

Contact: Nicole Deermount, 949-274-3855

Prologis Cushman Wakefield