Denver-based real estate investment management firm Black Creek Group will develop two industrial real estate projects in the Inland Empire.
The developments, Etiwanda Commerce Center and Riverside Logistics Center, will add approximately 1.7 million square feet to the firm’s existing 7.3 million square feet of industrial holdings within the market, said Black Creek Group in a statement.
Located in the heart of the Inland Empire West, Etiwanda Commerce Center will be situated on 64 acres, which is a former, decommissioned power plant. Working closely with Roux & Associates, for environmental oversight, and the city of Rancho Cucamonga, the firm plans to demolish the existing structures and develop a Class A 1.0 million square foot industrial facility, which will include additional trailer and auto parking.
Demolition is scheduled to begin in Q2 2021 and construction is estimated to begin in Q1 2023. Mike Condon, Jr., Erica Finck, Chuck Belden, Phil Lombardo, Kyle Kehner, Andrew Starnes with Cushman & Wakefield were instrumental in completing the acquisition of the site. Cushman and Wakefield will also be retained for leasing.
In addition to this development, the firm will begin construction on Riverside Logistics Center, a 683,000 square foot facility in the Inland Empire East, in Q2 2021.
“It can be challenging to find opportunities to develop big-box, Class A facilities in the Inland Empire as it’s one of the strongest industrial markets in the nation. Finding desirable sites takes creativity and resourcefulness and we are very excited to embark on both developments,” said Gregg Boehm, managing director at Black Creek Group. “Given the ideal access to major transportation routes across the Western U.S., as well as the large population base in California, e-commerce and third party logistics providers are a common tenant in this highly-sought after market, which already boasts all time low vacancy rates and positive net absorption.”
The firm has been an active developer in the Inland Empire for several years, completing over 3.1 million square feet of industrial developments within the market since 2016.