Fortune 500 tenant to occupy new 430,152 square-foot industrial building 

Perris, Calif. – Voit Real Estate Services, a privately held, broker-owned Southern California-based commercial real estate firm, has successfully secured the long-term pre-lease of Ramona Commerce Center, a 430,152 square-foot newly constructed industrial building that is slated for delivery in November 2021 in the city of Perris, California.  

Voit’s Senior Vice Presidents Juan Gutierrez, Mike Bouma and Ryan Miller represented the property owner, IDI Logistics, a leading investor and developer of logistics real estate. The tenant, a Fortune 500 industrial supplier with locations across the U.S, will occupy 100% of the building, utilizing it as a regional distribution center.  

“This transaction speaks to the strength of the local market and to the deep expertise of the IDI Logistics team,” says Gutierrez. “The Inland Empire remains one the largest and most in-demand industrial hubs in the country. This demand has left few vacancies in the region. In fact, for the first time ever, industrial vacancy in the Inland Empire fell below 2%, dropping 95 basis points in Q2 of 2021 to just 1.78%. The shortage of space spans all size ranges and is especially low in spaces over 250,000 square feet.”

IDI Logistics recognized the opportunity in this location and developed an asset that was well-positioned to generate competitive interest, according to Gutierrez. 

“There are very few vacant properties in the region that offer industrial users everything this property does,” Gutierrez notes. “Its development was exceptionally well-timed in this highly competitive industrial market.”

Ramona Commerce Center is strategically situated in one of the premier distribution markets in the country. The site is in close proximity to the I-215 and offers access to additional major Interstates, allowing for direct connections to surrounding regions.  

“Based on the property’s strategic location and highly sought-after industrial features, it garnered tremendous interest from several prospective tenants,” says Giancarlo Da Prato, Vice President of IDI Logistics. “Ultimately, Voit was able to use its expertise in the Inland Empire market to successfully secure this pre-lease with a highly regarded tenant that will deliver deep value at the property for many years ahead.”

The modern bulk warehouse is situated on 24 acres and offers state-of-the-art 36-foot-high ceilings, ESFR fire sprinklers, trailer parking, a large yard and truck court, along with several other amenities that are in high-demand for tenants seeking warehouse and distribution space, according to Gutierrez. 

 “The speed with which we secured this lease, prior to the completion of construction, speaks to the stability and growth of the local industrial market,” says Gutierrez. “As demand continues to outpace supply, we expect to see more rapid transactions and increased interest from prospective tenants.”  

Ramona Commerce Center is located at 4130 Indian Avenue, Perris, CA 92571. Construction is anticipated to be completed in November 2021.  

PHOENIX, ARIZONA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of O’Reilly Auto Parts, a 7,000-square-foot net-leased property located in Phoenix, Arizona.

According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,132,000 ($305 PSF).

Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a limited liability company, was procured by Ruble and Lind.

Built in 2006, O’Reilly Auto Parts rests in the rapidly growing Laveen trade area, where households and population are projected to increase approximately seven to eight percent in the surrounding area by 2025. The tenant recently executed their first five-year option with 10 percent rental increases every five years, showing commitment to the site. O’Reilly Auto Parts is located at 5349 West Baseline Road in Phoenix, Arizona.

TUCSON, ARIZONA –The Star Valley master-planned community in Tucson’s southwest sub-market has been extremely busy during the second half of 2021.  Meritage Homes and Richmond American Homes each purchased additional lots for a combined total of 250 lots that will serve as next phases for each builder.

Both builders are very active with their current communities in the project Las Patrias at Star Valley (Meritage) and Seasons at Star Valley (Richmond American). Sales have been extremely strong and have signaled a renewed strength to Tucson’s southwest submarket. This activity has fueled the demand for additional lots to be purchased and prepared.

The project was initially purchased by Michael Geddes and Rick Andreen of Scottsdale in 2019. Earlier in 2020, Geddes and Andreen partnered with Sunbelt Holdings to develop the remainder of the project. Sunbelt Holdings has emerged as one of the largest master-developers in the Tucson region, developing well-known projects as La Estancia, Red Rock Village, and Sycamore Canyon.

Richmond American Homes purchased 134 lots 47’x115′ and Meritage Homes purchased 116 lots, 40’x115′. There are additional lot sales scheduled by year-end and into Q1 in addition to several plats being processed for approval into 2022.

“The Star Valley MPC has highlighted the pent-up consumer demand in the southwest submarket and the homebuilders are doing a great job meeting that demand. The project has been proactive in getting a large amount of lots approved this year to provide the homebuilders with seamless,“ready now” lot inventory. The project will not miss a beat into 2022-23 and will continue to be the “go to” address in southwest Tucson.”

The transactions were handled by Will White and John Carroll of Land Advisors Organization in Tucson. Land Advisors has the marketing assignment for all lot sales at Star Valley.