A third-party logistics firm has signed a lease for a large industrial complex in the Inland Empire that won’t open for another three months.
Costa Mesa-based Chartwell Real Estate leased a 190,000-square-foot development in Fontana to iDC Logistics, a distribution firm headquartered in Buena Park, according to CBRE, which brokered the deal for the tenant. Terms of the lease were not disclosed.
IDC will move into the property by June, once the property is completed. The Class A property features 36-foot clear heights and 21 dock doors, according to marketing materials for the complex.
Located at 10840 Cherry Avenue, the property is near the San Bernardino Freeway and between the Ontario and the San Bernardino airports. Chartwell started construction on the site in 2020.
IDC Logistics handles warehousing, trucking, transportation and transloading — where goods are shipped from one transportation method to another. The company has four existing warehouses in California — in Perris, Riverside, Walnut and Lynwood — as well as properties in Texas and New Jersey.
At the same time iDC Logistics signed the Fontana deal, it also leased a 365,000-square-foot property owned by AEW Capital in Savannah, Georgia.
IDC’s deals are the latest examples of companies signing leases for properties before construction is completed, in an effort to secure space in tightening industrial markets.
Vacancy rates for industrial properties in the Inland Empire are approaching zero percent, according to CBRE. Securing a lease as soon as possible also allows the tenant to lock in a rental rate, avoiding future rent growth.