Black Creek Group, a Denver-based real estate investment management firm and non-traded REIT sponsor, plans to build three Class A distribution warehouses totaling 694,000 square feet in Southern California’s Inland Empire. The company also signed a full-building lease for 447,000 square feet with XPO Logistics, a third-party logistics provider.
The three distribution warehouse developments include:
Perris Distribution Center III is a 251,000-square-foot facility located in the Inland Empire East that is expected to be completed in the first quarter of 2021.
Fontana Logistics Center, a 193,000 square foot facility, is located in the Inland Empire West and is expected to be completed in first quarter 2021.
Gateway Logistics Center LP, a 250,000 square foot facility, is located in Torrance, California and is expected to be completed in second quarter 2021.
The company also secured a 447,000-square-foot, full-building lease with XPO Logistics for a Class A, distribution facility at the firm’s Agua Mansa Commerce Center located in the Inland Empire. The XPO lease brings the three-building project to 100 percent leased.
“We have seen an increase in demand for industrial space from e-commerce related tenants, like XPO, as businesses quickly adapt to the rapid shift in consumer behavior with people ordering more and more goods online to avoid public spaces due to the ongoing pandemic,” said Steve Young, Black Creek Group’s senior vice president of asset management for the Western region.
Black Creek owns approximately 5.9 million square feet of industrial real estate in Southern California with an additional 1.2 million square feet under development in the area.
Black Creek Group is a real estate investment management firm that has bought or built over $21 billion of investments throughout its more than 25-year history. The firm manages investment offerings across the spectrum of commercial real estate – including industrial, multifamily, office and retail. The firm sponsors Black Creek Industrial REIT IV Inc. and Black Creek Diversified Property Fund Inc., both non-traded REITs.