HIGHLAND, Calif., September 22, 2022--(BUSINESS WIRE)--Lovett Industrial, the Houston-based real estate investment firm, announces the acquisition of 13 acres within the Highland submarket of the Inland Empire East. Lovett Industrial will develop a single 285,000-square-foot rear-load class A industrial building, which will be Lovett Industrial’s first project in Southern California.
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The proposed 285,000-square-foot class A industrial building will be situated within the Highland submarket of the Inland Empire East (Graphic: Business Wire)
Ted Hart, Senior Managing Director of Lovett Industrial, commented, "The Inland Empire is the most sought-after, highest barrier to entry industrial market in the country, and we are thrilled to announce our first of many projects here. Tenant demand shows no sign of relenting, and we are actively targeting more opportunities across Southern California due to record low vacancy rates and supply–demand dynamics that have led to the highest rent growth in the nation. We are grateful to our team of consultants as well as Austin Hill, Tyler Plata, and Holden Edmondson at Lee & Associates for all of their support during the execution of this transaction."
Located within The City of Highland, the 13-acre site offers excellent access to Interstates I-10, I-210, and I-215. The Inland Empire is one of the strongest industrial markets in the United States with market vacancy at 0.20% in Q2 2022 per CBRE’s latest quarterly market report.
The project’s entitlement efforts are underway, and construction is set to commence in Q4 2023. Upon completion, the project will feature key building specifications designed to appeal to an extensive number of users. The approximately 285K-square-foot rear-load development will feature 36’ clear heights, a 310’ building depth, 47 trailer stalls, and 193 auto parking spaces.
Marketing and leasing efforts for the project will be handled by Austin Hill, Tyler Plata, and Holden Edmondson at Lee & Associates Ontario. HPA will be the lead architect and Thienes Engineering will serve as the projects civil engineer.
About Lovett Industrial:
Founded in 2020 and based in Houston, Texas, Lovett Industrial is a privately held vertically integrated logistics real estate investment platform that seeks to develop and acquire industrial real estate assets that are differentiated by their quality, location, and functionality. Currently active in 7 markets across the United States, Lovett Industrial’s portfolio consists of approximately 7 million square feet of warehouses under construction and in excess of 10 million square feet of warehouses planned for future development. Lovett Industrial’s founders have combined over 60+ years of experience in the commercial and industrial real estate sectors. For more information, please see our website at www.lovettindustrial.com.
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