{"id":1004647116,"date":"2023-02-24T03:06:11","date_gmt":"2023-02-24T11:06:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004647116"},"modified":"2023-02-24T06:43:57","modified_gmt":"2023-02-24T14:43:57","slug":"patrinely-group-jv-breaks-ground-on-inland-empire-spec-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/patrinely-group-jv-breaks-ground-on-inland-empire-spec-project\/","title":{"rendered":"Patrinely Group JV Breaks Ground on Inland Empire Spec Project"},"content":{"rendered":"
\"Rendering<\/a>

Rendering of Gateway at Menifee. Image courtesy of Patrinely Group<\/em><\/p><\/div>\n

Patrinely Group<\/strong>, together with affiliates of Dune Real Estate Partners<\/strong>, has broken ground on Gateway at Menifee, a 544,115-square-foot speculative industrial project in Menifee, Calif. KPRS Construction Services<\/strong> serves as general contractor. Completion is expected this December.<\/p>\n

The development will encompass three rear-load buildings of 229,934 square feet, 220,606 square feet and 93,575 square feet, respectively. When complete, the property will feature 32- to 36-foot clear heights, 107 dock-high doors and truck court depths of 130 and 190 feet. Brokers Ryan Bos and Colin MacMillan with KBC Advisors<\/strong>, alongside Scott Stewart and Gordon Mize of Lee & Associates<\/strong>, will handle leasing at the property.<\/p>\n

\n

READ ALSO:<\/strong> What\u2019s Next for Industrial Development<\/a><\/p>\n

\n

The 36.4-acre development site is just west of Interstate 215 at 33490 Bailey Park Blvd. in the Inland Empire, close to the I<\/span>–<\/span>215\/I<\/span>–<\/span>15 interchange<\/span>. Patrinely Executive Vice President Matt Chamberlain said, in prepared remarks, that this Southern Gate parcel was the last one to be approved for pure industrial use.<\/p>\n

Founded in 1983, developer Patrinely Group is active across several major markets in the U.S. The company’s portfolio includes approximately 1.1 million square feet of industrial space and some 2.9 million square feet in office properties, CommercialEdge data shows.<\/p>\n

A leader of the U.S. industrial sector<\/h2>\n

In the fourth quarter of 2022, Inland Empire\u2019s new industrial supply amounted to 7.7 million square feet, while 37.8 million were under construction, according to a Colliers report. One of current developments is taking shape on 147 acres in Ontario, Calif., and will total 1.3 million square feet<\/a> at full build-out.<\/p>\n

Rent growth also continued to reach new levels, a 2.9 percent increase from the previous quarter and a 50 percent spike year-over-year, Colliers data shows. Despite new supply surpassing net absorption in the last four consecutive quarters, the vacancy rate was still at a historical low at 0.9 percent, up 20 basis points over the quarter and it is expected to maintain that level in the future due to strong demand.<\/p>\n

Earlier this month, NFI Industries renewed its full-building lease at Perris Distribution Center<\/a> in Perris, Calif. The firm extended its 864,000-square-foot commitment at the industrial warehouse owned by Ares Management.<\/p>\n

Investment opportunities are still sought after, with major transactions still taking place despite economic headwinds. A Brookfield Asset Management fund acquired the recently completed I-10 Logistics Center<\/a>, a 1.8 million-square-foot industrial park in Cherry Valley, Calif.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gateway at Menifee is taking shape on the area’s last parcel to be approved for industrial-only use.<\/p>\n","protected":false},"author":2829,"featured_media":1004647117,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21748,34027,21742,15],"tags":[39846,42548,32762,33948],"class_list":["post-1004647116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-industrial","category-inland-empire","category-latest","category-west","tag-dune-real-estate-partners","tag-kbc-advisors","tag-lee-associates","tag-patrinely-group"],"acf":[],"yoast_head":"\nPatrinely Group JV Breaks Ground on Inland Empire Spec Project - CPE<\/title>\n<meta name=\"description\" content=\"Patrinely Group and Dune Real Estate Partners broke ground on Gateway at Menifee, a 544,115-square-foot speculative industrial project.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/patrinely-group-jv-breaks-ground-on-inland-empire-spec-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Patrinely Group JV Breaks Ground on Inland Empire Spec Project\" \/>\n<meta property=\"og:description\" content=\"Patrinely Group and Dune Real Estate Partners broke ground on Gateway at Menifee, a 544,115-square-foot speculative industrial project.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/patrinely-group-jv-breaks-ground-on-inland-empire-spec-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-24T11:06:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-24T14:43:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/Rendering-of-Gateway-at-Menifee-e1677064632752.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"965\" \/>\n\t<meta property=\"og:image:height\" content=\"724\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Madalina Pojoga\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/patrinely-group-jv-breaks-ground-on-inland-empire-spec-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/patrinely-group-jv-breaks-ground-on-inland-empire-spec-project\/\",\"name\":\"Patrinely Group JV Breaks Ground on Inland Empire Spec Project - 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