07/02/2019 | Press release | Distributed by Public on 07/02/2019 10:41
Newmark Knight Frank (NKF) has leased the entire Airport Distribution Center, located at 5700 E. Airport Drive in Ontario, to two tenants: Esperia Holdings, LLC and Technical Consumer Products, Inc. The 250,248-square-foot industrial building is located at the southwest corner of Airport Drive and Etiwanda Avenue.
NKF Executive Managing Directors Mark Kegans and Ron Washle represented the landlord, Alere Property Group, LLC in this transaction. Lee & Associates' John Seoane represented Esperia Holdings, LLC for approximately 103,432 square feet of space. JLL's Tim O'Rourke represented Technical Consumer Products, Inc. for approximately 146,816 square feet of space.
Having the capability to accommodate two tenants, the building worked well in Alere's favor. Ron Washle noted that, 'The landlord decided to split the original building into two units as the rents for dividing it commanded 15 to 20 percent higher rental rates.'
The industrial warehouse features front and rear offices, as well as a small shipping office totaling approximately 10,662 square feet. Built in 1989, other building features include 28' minimum warehouse clearance, 42 dock high doors, ESFR fire sprinkler system, and a large fenced truck yard.
According to NKF research, the Inland Empire continues to lead other national markets in industrial absorption. Market-wide industrial vacancy in the Inland Empire remained under 5 percent for the 24th consecutive quarter, while rent set a new record high.
About Newmark Knight Frank
Newmark Knight Frank ('NKF'), operated by Newmark Group, Inc. ('Newmark Group') (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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