Duke Realty Snags 1.2M SF Tenant For Under-Construction Inland Empire Warehouse
As Duke Realty wraps construction on its 1.2M SF distribution facility in the Inland Empire, a tenant has signed a deal to occupy the entirety of the property.
Lecangs LLC has locked down the building situated on 50 acres at 728 West Rider St. in Perris, roughly 20 minutes southeast of Riverside. The company is a subsidiary of the Chinese-based Loctek Ergonomic Technology Corp., which manufactures ergonomic products including standing desks, computer monitor mounts and desk bikes.
Lecangs' new building is on track to be complete by the end of the year.
“Duke Realty’s confidence to build such a large facility on spec was rewarded,” Cushman & Wakefield Vice Chairman Chuck Belden said in a statement announcing the deal.
While the Inland Empire counts larger SF deals than its Southern California counterparts, transactions of a million-plus SF are still of note in the region, especially with Q3 vacancy in the Inland Empire hovering around 1%. C&W’s Q3 report found overall net absorption totaling 22.7M SF through the first three quarters of 2021.
Industrial experts have said that supply chain issues have shifted many tenants’ space needs in ways that are favorable to property owners. With more tenants looking to stockpile greater amounts of goods as a buffer for future disruptions in the flow of goods, more square footage is needed.
Belden, Phil Lombardo, Kyle Kehner, Tim Pimentel and Brice Larson in Cushman & Wakefield’s Ontario/Inland Empire office worked with Duke Realty’s Collin Phillips to represent Duke in the transaction. Ian Devries and Chris Devries with Colliers International together with Jennifer Whelan from AZ Realty & Investment Corp. represented the tenant.