First Industrial Realty says Inland Empire still ripe for development
Chicago-based industrial realty giant First Industrial Realty Trust plans to acquire up to 1,100 acres of California and Florida property to develop, according to executives at the firm.
Part of the firm's future growth plan, the additional property in California's Inland Empire would boost the firm's holdings in the area well beyond the estimated 550 acres it owns. The company, speaking to the Riverside Press Enterprise, did not break out how much of the growth acreage was slated for each state.
The firm expects the Inland Empire, especially areas in San Bernardino County and the Perris-Riverside area to remain ripe for development. The firm noted the continued growth of cargo traffic through the Southern California ports and the relative bargain prices on the area's property as justification.
First Industrial owns, manages or has under development about 4.6 million square feet of industrial properties in California. The company also has 440 acres of developable land in the state, largely in Southern California, expandable to an additional 8 million square feet. The firm owns or manages more than 100 million square feet of industrial space in the United States and Canada.
First Industrial said it plans to break ground next month on a new 1.19 million-square-foot distribution center in Moreno Valley as well as a 355,000-square-foot distribution center in Perris.