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572,143-Square-Foot Lease-Up One of Largest This Year in Inland Empire East
BEAUMONT, CA -- (Marketwire) -- 03/23/12 -- CT Realty Investors (www.ctrinvestors.com) announced today that the Beaumont Logistics Center, located at 520 Fourth St. and 415 Nicholas Rd. in Beaumont, Calif., has been fully leased to Updike Distribution Logistics and Hand Air Express. Combined, the two lease transactions represent one of the largest industrial leasing accomplishments in the Inland Empire in 2012.
CT Realty acquired the 572,143-square-foot project, which includes two new state-of-the-art LEED certified industrial warehouse buildings, in August 2011. At the time of purchase, the property was entirely vacant. The all-cash transaction also included 30 acres of fully entitled land which will accommodate another 611,000-square-foot cross-dock warehouse building. The project, completed in 2008, is located at the confluence of the 60 and 10 Freeways adjacent to the 60-acre Lowe's Distribution Center.
Updike Distribution Logistics ("UDL") is an asset-based, third-party logistics provider offering a full assortment of supply-chain management solutions, including warehousing, transportation and other value-added services. Headquartered in Phoenix, Ariz., UDL was represented by Jeff Smith and Ryan Lal of Lee and Associates' Ontario, Calif., office. Hand Air Express is a third-party logistics services provider, known as a 3PL, and was represented by Tim Cronin from the Commerce, Calif., office of Lee and Associates and Scott Ostlund from Lee and Associates, Ontario. CT Realty was represented by Bill Heim and Eloy Cova from Lee and Associates, Ontario, in both transactions.
The smaller 127,688-square-foot building features 14 dock doors (all with full dock packages), 32-foot minimum clear height, 128 parking stalls and an ESFR fire sprinkler system. The larger 444,455-square-foot building offers 84 dock doors (all with full dock packages), 32-foot minimum clear height, 445 parking stalls with abundant trailer storage and an ESFR sprinkler system. The 30.18 acres of entitled land will accommodate a to-be-built 611,000-square-foot industrial cross-dock building which can offer a product tailored to suit the specific needs of a large industrial user. Combined with the other two buildings, the site offers total contiguous square footage of almost 1.2 million square feet.
Carter Ewing, Executive Vice President and an investor in CT Realty, said, "We have been very active over the past two years acquiring nearly five million square feet of Class A industrial buildings in the Inland Empire. The strong tenant demand has led to significant leasing accomplishments within the portfolio. While we bought most of our portfolio in a distressed, vacant condition, we have now leased nearly all of it in a very short timeframe, and we couldn't be more pleased. This project is an example of the success that CT Realty has achieved within the industrial market as we continue to expand our portfolio."
About CT Realty Investors
Since its establishment in 1994, Aliso Viejo, Calif.-based CT Realty Investors ("CTRI") has completed more than 220 transactions with value in excess of $2.5 billion through a series of 11 independent discretionary private equity real estate funds and institutional joint ventures. CTRI continues to invest in institutional-quality industrial properties, debt instruments and multi-family properties. CTRI seeks to invest on behalf of its affiliates in Arizona, Colorado, New Mexico, Nevada, Oregon, Utah, Washington and California. The focus of CTRI's investment activities is to acquire well-located assets in major markets with the potential to enhance their value through a solid, hands-on management approach. For further information, contact Carter Ewing at CT Realty Investors at (949) 330-5777 or visit www.ctrinvestors.com.
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