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Bridge Point Ontario, the Inland Empire’s Brand New 268,753 sf State-of-the-Art Distribution Complex at Full Capacity as NAI Capital Negotiates 178,523 sf Lease

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COMMERCIAL REAL ESTATE TRANSACTION ALERT

Richard Lee, SIOR, Nicholas Chang, CCIM, SIOR, Justin Kuehn and Sione Fua with NAI Capital’s Ontario office represented Morgan Stanley Real Estate’s Prime Property Fund, one of the largest Industrial Core Property Funds in North America, in the long-term lease of the 178,523 square foot Bridge Point Ontario I building in Ontario, California to Western Post (US), Inc.

Wilson Tran of DAUM Commercial represented the tenant.

The E-commerce company Western Post is expanding its operation. The company runs a distribution facility in Rancho Cucamonga, California, and just leased a 300,000 square foot warehouse in New Jersey.

Bridge Point Ontario I, located at 4600 E. Wall Street is part of the two-building Bridge Point Ontario complex, a new state-of-the-art 268,753 square foot multi-building distribution development situated on 12 acres that completed construction in October 2020. Developed by Bridge Development Company, the complex was forwarded to Morgan Stanley Real Estate while under construction.

In October of this year, NAI Capital’s Lee Chang Kuehn Fua team negotiated the lease of Bridge Point Ontario II to NeilMed Pharmaceuticals. With the lease of Bridge Point Ontario I, the complex is now 100% leased.

Bridge Point Ontario I features I-15 Freeway frontage and sits on 7.85 acres in the heart of the Inland Empire’s West submarket, one of the fastest-growing and most dynamic industrial markets in Southern California. The building features a 10,000 square foot two-story office, an open warehouse area with 32′ clear height ceilings, 52′ x 60′ column spacing, and 23 dock high loading doors. The complex has immediate access to Interstate Highways 15, 10, and the 60 Freeway and is just two miles from the Ontario Airport, FedEx, and UPS hubs.

“Our client, Morgan Stanley Real Estate is pleased to welcome Western Post’s distribution network to the Bridge Point Ontario complex,” said Lee, who led the NAI Capital team in the negotiation. The prompt leasing of Bridge Point Ontario underscores the demand for high-quality distribution centers in the Inland Empire’s tightening western submarket where there is a real lack of inventory, especially of brand-new industrial warehouse space offering freeway frontage. We are pleased to have represented our client in the successful leasing of their acquisition.”

The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.

Business

Inland Empire Regional Chamber of Commerce to Lead California Delegation at GITEX GLOBAL 2023 in Dubai

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Fostering Technological Synergy: Bridging the Tech Gap with Global Partners

Demonstrating the Inland Empire Regional Chamber of Commerce’s (IERCC) commitment to global tech collaboration and innovation, the organization will lead a California delegation to the world-renowned GITEX GLOBAL event in Dubai from October 16-20, 2023. Though the original invitation extended to IERCC’s President & CEO, Mr. Edward Ornelas, Jr., he will not be in attendance. Instead, the California delegation will be spearheaded by the Chamber’s newly-appointed CTO, Mr. Gabriel Rangel.

Organized by the Dubai World Trade Centre, GITEX GLOBAL 2023 promises to be grander than ever. The event is set to host over 6,000 exhibiting companies and startups, drawing more than 170,000 tech and business executives from over 170 countries. The mega-event will sprawl across 41 vast halls and, for the first time ever, will be held at two prominent venues – the iconic Dubai World Trade Centre and the new Dubai Harbour for Expand North Star, making it the host for the world’s largest startup event.

Mr. Edward Ornelas, Jr. commented, “While I regret not attending GITEX personally, I am proud to have Mr. Rangel at the helm of this effort. I’m confident that our delegation will foster new collaborations and present the Golden State as a tech powerhouse.”

This year’s conference adopts the compelling theme of “The Year to Imagine AI in Everything”. Attendees are poised to witness the grandest showcase of AI tech giants and industry frontrunners. Additionally, it promises to kindle profound dialogues and debates concerning the socio-economic implications of burgeoning AI technology.

“Leading the California delegation at GITEX offers us an unmatched platform to nurture and solidify relationships with global tech partners,” said Mr. Gabriel Rangel, CTO of IERCC. “As the technology landscape continues to evolve, it’s critical for us to be a part of these international collaborations. I’m honored to spearhead this mission on behalf of the Inland Empire Regional Chamber of Commerce.”

An integral part of the California delegation, Mr. Ram Thanapandian, Principal Technology Consultant to the State of California and Chair of CA State Treasurer Fiona Ma’s Technical Advisory Commission, will be present, providing invaluable insights and representing the State of California Treasurer’s Office.

IERCC’s leadership in organizing this delegation underscores the crucial role that California plays in the global tech ecosystem and mirrors Dubai’s ambitious vision as encapsulated in the Dubai Economic Agenda (D33). This strategy aims to substantially expand Dubai’s economic landscape in the upcoming decade, securing its stature among the world’s leading global cities.

Trixie LohMirmand, Executive Vice President of the Dubai World Trade Centre and CEO of KAOUN International, remarked on the invaluable contributions the California delegation will bring to the event. She looks forward to an event marked by knowledge-sharing, collaboration, and pioneering discussions.

For additional information on GITEX GLOBAL 2023, please refer to: GITEX 2023 Preview.

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Economist Christopher Thornberg, State Treasurer Fiona Ma Headline New Forecast Conference

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Coming October 5th

Economic Horizon 2024: What Lies Ahead?

The Inland Empire Regional Chamber of Commerce, in collaboration with Beacon Economics and the County of San Bernardino, is thrilled to announce that the anticipated economic forecast conference, Economic Horizon 2024: What Lies Ahead, Inland Empire? will be held October 5th from 3:30 PM to 6:30 PM at the El Prado Golf Courses in the vibrant city of Chino, California.

Esteemed economist, Dr. Christopher Thornberg will present complete outlooks for the U.S., California, and Inland Empire economies. “The Inland Empire stands at the crossroads of remarkable economic opportunities and challenges,” said Thornberg. “I’m excited to unpack the trends and shifts that will define the region’s economic landscape in the next year, and beyond.”

Known for his razor-sharp observations, and fun, energized delivery, Thornberg’s presentation will include pointed discussions about inflation, the Fed’s next move, housing markets, strengths and instabilities in the economy, and what current trends mean for the nation, state, and local region.

The conference will also be graced by the insights of California State Treasurer Fiona Ma as keynote speaker. In her words, “The strength of California’s economy is deeply interwoven with the growth trajectories of its regions. The Inland Empire, with its dynamism and resilience, is a testament to this synergy. I am honored to join ‘Economic Horizon 2024’ and share a vision where policies, partnerships, and potentials converge to elevate the Inland Empire to unprecedented economic heights.”

“This conference is a testament to the collaborative spirit of the Inland Empire and our commitment to fostering a robust, resilient economy,” said Edward Ornelas, Jr., President of the Inland Empire Regional Chamber of Commerce. “Our partnership with Beacon Economics and the County of San Bernardino aims to offer a platform for profound economic discussion, forecasting, and strategic future planning.”

Attendees can anticipate not only expert insights into the economy but also networking opportunities and a chance to connect with key business, government, and nonprofit leaders from across the region.

Full event details are available at: economy.iechamber.org

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Webb Investments acquires Silver Creek Industries, an industry leader in modular construction for schools

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Webb Investments today announced the launch of a new company, Silver Creek Modular, after acquiring the assets of Silver Creek Industries, a highly respected modular construction company known for bringing innovative, sustainable and cost-effective solutions to the education industry. 

Silver Creek Industries’ existing business, including its employees and its Perris, Calif., manufacturing facility, will remain with the new company, with Webb providing the investment capital, resources and expertise to enhance Silver Creek’s presence in the modular construction marketplace.

The acquisition closed in June of 2023, following Silver Creek Industries’ Chapter 11 filing in the Central Bankruptcy Court of California.

“We are thrilled to have the opportunity to bring Silver Creek into our family business, and look forward to building on our shared commitment to improving educational opportunities within communities across our region,” said Kiana Webb, CEO of Webb Family Enterprises. “This acquisition aligns with our strategy to invest in established firms that can help us drive community revitalization and inclusive growth, while improving quality of life and increasing economic output.”

Silver Creek Industries was founded in 2004 and has completed more than 1,000 projects in the education, commercial, medical, military, government and multi-family housing markets. More recently, the company’s focus has been on providing high-quality, sustainable modular buildings for schools and educational institutions. Silver Creek Industries is well known for delivering projects on time and on budget, with minimal disruption to school and the community. 

Webb Investments is a privately held, family-owned company focusing on creating a community development ecosystem that drives inclusive, organic growth and transforms the areas they serve. 

For more information on Webb Investments, please visit webbinvestments.com.

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