Duke Realty recently acquired a 766,235-square-foot logistics facility located at 2151 Vintage Ave. in Ontario. The building is fully leased to Toyo Tire Holdings of America, a subsidiary of Toyo Tire Corporation, one of Japan’s largest tire manufacturing companies.
“This acquisition gives Duke Realty another modern well-appointed logistics facility in the high-demand Inland Empire West submarket and is consistent with our strategy of growing our portfolio in high-barrier-to-entry Tier 1 markets,” said Mark Crawford, vice president and head of acquisitions for Duke Realty. “Southern California continues to be an area of focus for us because of its potential to provide strong rent growth and solid value for our stockholders.”
The Inland Empire West submarket continues to appeal to companies looking for distribution space close to the nearly 15 million residents who live within a 50-mile radius. Vacancy is currently below 1.5 percent.
“Existing logistics buildings that offer this functionality in the 500,000 to 1 million-square-foot range are in very short supply throughout the Southern California markets and have become increasingly difficult to build due to land constraints,” said Nancy Shultz, senior vice president of Duke Realty’s Southern California operations.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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