Watson Leases 1.1M SF Of Industrial Space In Chino
Reflecting the growing demand for industrial space in the greater Los Angeles region and the Inland Empire, Watson Land Co. has leased the entire second phase of its Watson Industrial Park Chino, totaling 1.16M SF.
Carson-based Watson Land Co. has leased a 725,160 SF building and another 443K SF building, right after completing construction, to an undisclosed company.
Colliers International’s Tom Taylor, Steve Bellitti, Summer Coulter and Josh Hayes represented Watson.
Watson officials are planning to break ground on Phase 3 to add more industrial space at the 5.1M SF master-planned development site in Chino.
Watson President and CEO Jeffrey Jennison said the completion of the second phase marked a milestone for the company.
“Our ability to lease the entire building prior to final completion underscores the strength of the market,” Jennison said.
The Inland Empire is the most sought-after industrial market in the United States, according to Colliers International.
Vacancy is at an all-time low, ending with a 3.7% vacancy rate in the fourth quarter, the Colliers report stated.
In the past 12 months, 21.8M SF of supply was added to the market.
“During this time, the vacancy rate remained low as nearly all new supply was absorbed by large tenants seeking modern distribution center,” the report stated.
WIP Chino is a 263-acre master-planned center. The site is entitled for a total of 5.1M SF in 11 buildings. About 2.59M SF in five buildings is now complete and occupied, Watson officials said.
Officials said construction of Phase 3 is slated to begin in March and will add an additional 1.41M SF in three buildings to the center when complete.