AMB fully leases Redlands DC space
San Francisco-based industrial real estate firm AMB Property Corp. said Tuesday it has leased the remaining 749,000 square feet of a new 1.3 million-square-foot facility in Redlands, Calif.
AMB declined to name the lessee of the space at the AMB Redlands Distribution Center, describing the firm only as a 'leading manufacturer.' Financial terms of the lease were also not disclosed.
Earlier this year Los Angeles-based logistics firm Weber Distribution signed a 10-year lease for 564,000 square feet of the new building, the largest single building in AMB's global portfolio.
Weber uses the facility to provide transportation and distribution services to its food and retail customers including Cadbury Schweppes and Nestl' Waters.
According to AMB's portfolio listings, the firm owns, or has investments in, 166 Southern California industrial properties representing a total of 18.2 million square feet. Southern California is the firm's largest regional market.
Once the darling of the industrial real estate market and dotted with hundreds of large warehouses and distribution centers mainly serving the ports of Long Beach and Los Angeles, the Southern California's Inland Empire has experienced a tremendous slowdown in new construction and leases. Analysts have pointed to the ebbing national economy, the worldwide credit crunch, and a downturn in imported cargo have as major factors in the area's industrial real estate slowdown.
