10:00 AM
On behalf of the developer, Prologis, Newmark is pleased to announce that construction has commenced on two Class A industrial facilities in Vernon totaling over 346,000 square feet (sf). The buildings, which are anticipated to be completed in the fall of 2019, are located at 5215 S. Boyle Avenue and provide easy access to major freeways, downtown Los Angeles, L.A.X., and the Ports of Los Angeles and Long Beach.
Newmark’s John McMillan, Jeff Sanita, Danny Williams, and Greg Stumm are handling leasing for the project.
“Vernon, a 56 million-square-foot industrial city, is located in the heart of L.A. County and its roughly 10 million residents. New construction is extremely rare in this area as land is very hard to come by. Additionally, Vernon is one of the lowest cost cities in the county to do business in for industrial occupiers,” said McMillan. “All of this bodes well for attracting a wide variety of occupiers for this project, and especially e-commerce companies hunting for “Last Mile” locations.”
McMillan noted that despite construction just starting, Newmark has already had a significant amount of interest in the project from potential occupiers seeking a large block of modern industrial space in central L.A. County.
Dubbed Prologis Vernon Business Center 1 and 2, the facilities are 113,952 sf and 232,29 sf respectively and will each feature more than 10,000 sf of corporate office build out, 36’ clearance, E.S.F.R. sprinklers, concrete truck courts, and 2.5 percent skylights. As with all Prologis developments, the buildings will be built to meet or exceed the latest sustainable development standards. Business Center 1 will include 20 dock high positions, 13 trailer stalls, and 111 car parking spaces, while Business Center 2 will include 38 dock high positions, 54 truck stalls, and 184 car parking spaces.
“Prologis is excited to bring two new best-in-class industrial buildings to the Central Los Angeles submarket,” said Prologis vice president and leasing officer Lisa Reddy. “These state-of-the-art buildings will be leaders in this submarket due to their modern construction. This development will boast 36-foot clear height, wide joint warehouse floor slabs, drive-around capability, deep truck courts, off-dock trailer storage and LED lighting, to name a few building features. We look forward to construction being underway and to ultimately securing great customers to lease the buildings.”
About Prologis
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of September 30, 2018, the company owned or had investments in, on a wholly owned basis or through co- investment ventures, properties and development projects expected to total approximately 771 million square feet (72 million square meters) in 19 countries. Prologis leases modern distribution facilities to a diverse base of approximately 5,500 customers across two major categories: business-to-business and retail/online fulfillment.
About Newmark
Newmark (“Newmark”), 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, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’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.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.