Rockefeller Group is set to finalize a joint venture with MBK Real Estate for development of a 297,161-square-foot industrial building on a 13.78-acre site in Fontana, CA. The project, named Fontana Santa Ana Industrial Center, is expected to commence construction in April 2020 with completion expected before year end. Rockefeller Group acquired the land for $15.7 million as an assemblage of eleven separate parcels and recently received entitlements and approvals from the city of Fontana.
"Rockefeller Group recently completed approximately 2 million square feet of new industrial product in the Inland Empire and continues to pursue industrial development opportunities within the market," said James V. Camp, SVP and regional development officer for Rockefeller. "From a location standpoint, Fontana represents everything positive about locating in the Inland Empire." He continued in his statement by calling out the locations proximity to major highways such as the I-10, I-215, I-15 and SR60; access to the ports and a major airport.
According to the announcement, Rockefeller's outlook for 2020 industrial development in the Inland Empire remains positive. Per CBRE's most recent Inland Empire quarterly industrial report, the vacancy rate for the overall Inland Empire market was 3.1% and the Inland Empire West submarket reached a low of 2.1%.