Kenco Logistics Signs 580 KSF Lease in the Inland Empire
- Jun 26, 2019
Kenco Logistics Services has signed a 580,000-square-foot lease at Perris Logistics Center, a 700,000-square-foot LEED-certified warehouse in Perris, Calif., with Clarion Partners.
The Perris Logistics Center is located at 3900 Indian Ave., near the southeast corner of Ramona Expressway and Indian Avenue, just 40 miles from Los Angeles and is directly in the growing Inland Empire corridor. Completed in 2014, the cross-dock building offers dual 280-foot truck courts, offices to suit, 312 trailer parking spaces, 360 car parking spaces, a fenced yard, 32-foot clear height, four ground level doors and 112 dock high doors.
Kenco, one of the largest woman-owned, third-party logistics companies in the U.S., signed the lease as a way to expand, as it already operates numerous facilities in the greater Inland Empire region.
Ron Washle and Mark Kegans, both executive managing directors at Newmark Knight Frank, negotiated the deal on behalf of Kenco Logistics Services, while Colliers International’s Steve Bellitti and Thomas Taylor represented the landlord.
Rise of the empire
In 2018, developers added more inventory to the market than at any point during the past decade, with new product concentrated in only a handful of submarkets. Last year, Yardi Matrix reported the Inland Empire’s industrial market saw another peak year for development, with more than 22 million square feet delivered.
According to NKF, the Inland Empire continues to lead other markets in absorption. The numbers for the last quarter show that market-wide vacancy stayed under 5 percent for the 24th consecutive quarter, and rent set a new record high at the same time.
As of 2019, the Inland Empire contains 73 percent of Southern California’s Class A warehouse inventory and provides numerous opportunities for occupiers to consolidate or expand operations.