INLAND EMPIRE SPECULATIVE WAREHOUSE
Currently in Pre-Development
- In Q2 2017, Loewen invested, in partnership with Pericles Development Partners and The Guthrie Companies, in the development of an ~350,000sf industrial distribution center located within the Hunter Business Park (“HBP”) in Riverside, CA.
- An additional equity investment will be made by Loewen Langdon upon commencement of the vertical development of the warehouse.
- HBP is a long standing premier industrial & office park within the boundaries of the Inland Empire East sub-market.
- HBP is home to a wide variety of industrial users such as: Amazon, Ashley Furniture, FedEx, Home Depot and Walmart.
- The Inland Empire Industrial market is one of the strongest in the nation with sub 4% vacancy and annual rent growth of 5% to 7%.
- The site, with elevated views of the below valley, is located a short walk from the MetroLink Rail Station and will allow employers to draw a broader employee base.
- Speculatively develop a best-in-class 36’ clear height warehouse/distribution building on land with zoning & entitlements in place.
- The sponsor/developer is contributing 83% of the equity required and a conservative 60% LTC loan will be utilized to reduce the overall risk of the transaction.
- The site, which the developer has owned since 2001, is one of only three remaining sites available in HBP which allow for the development of a building over 150,000sf.
- The location is in close proximity to LA/Long Beach ports, through which 60% of all goods come into the US. Within 2 miles of the site is access to the 215, 91, and 60 freeways.
- The project’s business plan is to develop, lease, and sell the asset. The targeted hold period is 36 months.