By Alex Girda, Associate Editor
Seeking to capitalize on the Inland Empire’s robust growth, USAA Real Estate Co. recently acquired a 26-acre site in Moreno Valley for a 522,722-square-foot distribution center. USAA did not immediately disclose details about prospective tenants or a construction schedule for the property, dubbed Centerpointe Logistics Center, but it referred to plans for “immediate development” by Gardena, Calif.-based Overton Moore Properties.
The developers are banking on surging demand created by the Inland Empire’s role as a distribution hub for the Ports of Los Angeles and Long Beach. Last year, the Inland Empire absorbed 13.6 million square feet of industrial space to end 2011 with a 7.4 percent vacancy rate, according to research by Voit Real Estate Services. That figure reflects a 22 percent decline in vacancy from 2010. More of the same is expected for 2012, as vacancy falls further to 6 percent by the end of the year, Voit projects. Centerpointe Logistics Center will add to the Inland Empire’s already ample development pipeline, which stood at 5.7 million square feet at the end of 2011.
Contractor Millie and Serverson Inc. will build the property at Cactus Avenue and Frederick Street, a site selected by USAA for its ready access to the I-215 and 60 freeways. Designed by architectural firm HPA Inc., the Centerpointe facility will provide 32-foot clear heights, 113 dock positions, 126 trailer storage spaces and cross-dock configuration.