Shea Properties Closes $26M Lease at Inland Empire Campus

5200 Shea Center Drive

Shea Properties has landed a new tenant for a 244,958-square-foot facility located within Shea Center Ontario, a 1.8 million-square-foot industrial park in Ontario, Calif. Colliers represented the landlord in the $26 million leasing agreement.

The facility includes 5,000 square feet of office space, 30-foot clear heights, T-5 lighting, 68 dock-high doors and a cross-dock terminal. The property features 300 parking spaces.

Part of a 1998-built industrial campus, the warehouse is one of five facilities immediately southwest of the junction between interstates 10 and 15. Both the Port of Long Beach and Los Angeles, and Los Angeles International Airport are some 60 miles to the southeast. Other tenants in the park include Treck Bicycle Corp., Emser Tile Distribution Center and Dorel Home Furnishings.

The Colliers’ team that negotiated the lease included Senior Executive Vice Presidents Steve Bellitti and Thomas Taylor, Senior Vice President Will Kim and Vice President Joey Jones.

The parties signed the new lease before the previous agreement reached the expiration date, according to a prepared statement from Colliers Senior Executive Vice President Steve Bellitti. Restauration Hardware was the previous tenant at the distribution center at 5200 Shea Center Drive. The luxury furniture retailer had occupied the property since 2016, when Voit Real Estate Services negotiated a nearly $8 million lease on behalf of the landlord, Connect California reported at the time.

A hot market

High demand for industrial space in the Inland Empire continues to drive asking rates up. In September, the average rent reached $6.45 per square foot, a recent CommercialEdge report shows. Although not the highest asking price across major markets, with a whooping 6.1 percent gain in the 12 months ending in September, the rent increase in the Inland Empire was second only to New Jersey’s 6.4 percent change.

In April, Colliers helped arrange another industrial lease in the Inland Empire on behalf of Molto Properties. Sell Below Cost USA, a China-based firm, became the only tenant of a 190,554-square-foot distribution center in Fontana, Calif.