Canadian firm plans $450M industrial project in the Inland Empire

The firm tapped CapRock Partners to develop the 3M sf site

Los Angeles /
Aug.August 21, 2018 05:00 PM
Daniel Fournier and the property

A Canadian firm is looking to scoop up a piece of Southern California’s tight industrial market.

A joint venture between Ivanhoe Cambridge, a Montreal-based real estate firm, and Newport Beach-based CapRock Partners announced plans to develop a $450 million industrial campus in Ontario in the Inland Empire on Tuesday.

Dubbed the Colony Commerce Center, the logistics complex will span about 3 million square feet of industrial space, with 11 buildings ranging in sizes from 600,000 to 1,000,000 square feet.

Ivanhoe’s foray into the Southern California market comes as demand from companies in a variety of industries, in particular manufacturing and e-commerce, has pushed vacancy levels in Los Angeles County to their lowest level since the early 2000s.

That’s led many tenants to look elsewhere, such as the Inland Empire, which is about 40 miles east of Los Angeles. The region has become attractive because of its more affordable rents and readily available supply.

Ivanhoe recently acquired the two parcels of land from CapRock for an undisclosed amount, and has since tapped the firm to develop the project on its behalf, according to a company statement.

CapRock first acquired the site in 2014. It then received entitlements to build the industrial site in two phases, according to its website.

Darla Longo and Barbara Emmons Perrier of CBRE brokered the deal.

Ivanhoe invests and develops office, multifamily and retail projects around the world. It is currently developing a 1.1 million-square-foot office project in Paris and a $200 million residential project in San Jose, as well as redeveloping three retail malls in Canada.


Related Articles

arrow_forward_ios
Howard Schwimmer and Michael S. Frankel with 3629-3963 Workman Mill Road (top) and 13943-13955 Balboa Boulevard (Google Maps)

Rexford pays $340M for 2 industrial parks

Rexford pays $340M for 2 industrial parks
Richard Julian and Robert Morse, with the property

Investment firm ARES pays $130M for Chino Hills apartment complex

Investment firm ARES pays $130M for Chino Hills apartment complex
Golden Springs Business Center

Logistics firm inks big lease in Santa Fe Springs as industrial demand remains high

Logistics firm inks big lease in Santa Fe Springs as industrial demand remains high
Heather Crossner and the site (Credit: Google Maps)

Bridge Development plans distribution center outside Torrance

Bridge Development plans distribution center outside Torrance
Daniel J. Moore and the site (Credit: Rockefeller Group)

Rockefeller Group snags Inland Empire site for logistics centers

Rockefeller Group snags Inland Empire site for logistics centers
Chris DeWitt, and the property (Credit: Google Maps)

Made Goods furniture wholesaler inks giant lease in City of Industry

Made Goods furniture wholesaler inks giant lease in City of Industry
Michael Flood and the warehouse (Credit: Google Maps)

LA Food Banks pays $52M for warehouse, ending long search

LA Food Banks pays $52M for warehouse, ending long search
Brett Dedeaux and the property (Credit: Dedeaux Properties and DB&R Marketing Communications via Commercial Observer)

Dedeaux, Stockbridge boost industrial portfolio

Dedeaux, Stockbridge boost industrial portfolio
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...