Connect with us

By Press Release

SBCTA committee recommends formal opposition to proposed West County Rail Construction Authority

Published

on

SBCTA committee recommends formal opposition to proposed West County Rail Construction Authority

February 12, 2020 — The SBCTA Policy Committee is recommending that the voter-entrusted agency responsible for transportation planning in San Bernardino County oppose the creation of an entirely new construction authority specifically geared toward one project.

SBCTA (the San Bernardino County Transportation Authority) is mandated by law to handle and oversee cooperative regional planning and further an efficient multimodal transportation system countywide. On Wednesday, the agency’s General Policy Committee voted to recommend that SBCTA’s Board of Directors oppose a bill by Assemblymember Chris Holden to establish the West San Bernardino County Rail Construction Authority, whose sole purpose would be to build a six-mile extension of the Gold Line light rail system from the Los Angeles County line to Ontario International Airport.

The committee also recommended that the Board formally invite Holden to discuss his proposal at the March meeting of the full SBCTA Board.

“We appreciate the Assemblymember’s desire to bring the Gold Line to San Bernardino County, and would welcome connectivity from LA County as part of a comprehensive package of enhanced transit opportunities not just to and from Ontario Airport but our county as a whole. On the surface, however, this legislation raises many more concerns than it addresses – most notably, how would such a project be paid for, who would benefit from it and what other projects throughout the county would have to be eliminated to make way for it?” said Darcy McNaboe, SBCTA’s President.

San Bernardino County is the largest geographic county in the United States, and represents one of the most vibrant growth corridors in the United States. The Southern California Association of Governments (SCAG) projects that San Bernardino County will see its population surge by 32% in the next 25 years, versus 19% for SoCal as a whole.

The county’s growth is being fueled by a variety of factors, including growing job prospects and relative affordability. According to a new report from Zillow, San Bernardino and Riverside Counties rank fourth in the U.S. in terms of property searches from prospective homebuyers living outside the region.

Ontario Airport, meanwhile, was recently ranked the fastest-growing airport in the U.S. for the second straight year. Statistics show that nearly 70% of domestic passengers using Ontario Airport live in the Inland Empire and would not be served by a light rail system geared toward L.A. County users. Over the past two years, SBCTA has worked closely with ONT officials to form the Ontario Airport Roundtable, a network of stakeholders throughout the county focused on issues such as airport access.

“San Bernardino and the Inland Empire are fast becoming the population and employment hubs for Southern California. That’s great news, but requires an even more thoughtful and balanced approach to transportation planning. Creating a whole new agency with a single-minded focus doesn’t lend itself to the kind of shared visioning and broad collaboration we need to address our challenges,” said Paul Granillo, CEO of the Inland Empire Economic Partnership and an Ontario Airport Roundtable member. “The fact is, there is a limited amount of money available for transportation, and we need to work together – not in competition with one another – to address the growing needs we’ve got throughout our county.”

Assemblymember Holden’s plan does not directly address how an extension of the Gold Line to Ontario Airport would be funded. Typically, the cost for such a project is borne by local taxpayers – in this case, the taxpayers of San Bernardino County once the project crosses the LA County Line.

In recent months, SBCTA has been developing a plan that would enhance Metrolink’s existing San Bernardino Line with improved connectivity to ONT. The plan would leverage the Redlands Rail Project, currently under construction, and the zero-emission passenger trains that will be part of that project. The hydrogen-powered trains will be the first of their kind in North America.

“This is not an either-or – at least it shouldn’t be. We’re interested in discussing with Assemblymember Holden about how his plan benefits the majority of airport users who currently travel from San Bernardino and Riverside Counties,” McNaboe said.

 

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

By Press Release

Stockbridge Acquires 540,478 SF Inland Empire Industrial Portfolio for $142MM

Published

on

San Francisco based Stockbridge acquires 100% leased assets in premier IE West location

Cushman & Wakefield’s EDSF also sources acquisition financing for transaction

Cushman & Wakefield announced the firm has arranged the sale of a core industrial portfolio totaling 540,478 square feet in Southern California’s premier Inland Empire West (IEW) submarket. The portfolio consists of two freestanding Class A buildings located a few miles apart at 3351 E Philadelphia St and 4450 E Lowell St in the city of Ontario. The buildings are 100% leased to prominent tenants in the distribution and retail industries.

San Francisco based Stockbridge acquired the two-property portfolio from Principal Asset ManagementSM a global financial and investment management firm. The portfolio sold for $142.25 million.

Jeff Chiate, Jeffrey Cole, Rick Ellison, and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group—West represented the seller in the transaction. The firm’s Phil Lombardo, Chuck Belden and Andrew Starnes also provided leasing advisory.

Additionally, a Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team of Rob Rubano, Brian Share, Joseph Lieske, Max Schafer, and Becca Tse collaborated in sourcing acquisition financing for the transaction.

“Stockbridge has acquired an institutional-quality industrial portfolio with a phenomenal infill location combined with strong tenancy and premium distribution features and functionality. Both properties have maintained a historical occupancy of 100% for nearly a decade speaking to the tenant demand for industrial buildings of this quality and location,” said Jeff Chiate, Executive Vice Chair. “Additionally, with current rents below market rate, the buyer has a compelling mark-to market opportunity along with existing durable cash flow, providing a variety of value-add strategies.”

The properties offer convenient access to Southern California’s robust freeway network and other vital nodes of transit such as Ontario International Airport, the Los Angeles & Long Beach Ports, and LAX International Airport (60 miles). Access to a deep labor pool and robust consumer population also makes the region a superior industrial location.

According to Cushman & Wakefield’s latest industrial market report, the Inland Empire West submarket had a vacancy rate of 5.4% in Q1 2024, representing the tightest submarket in the broader Inland Empire market. Additionally, IEW achieved nearly 1 million square feet of positive net absorption (occupancy growth) in the first quarter of 2024.

Continue Reading

By Press Release

Stater Bros. Charities and Reyes Coca-Cola Bottling Give Back to Military Families

Published

on

Stater Bros. Charities, the philanthropic arm of Stater Bros. Markets, partnered with Reyes Coca-Cola Bottling again this year for their Give Back program during National Military Appreciation Month. The program ran for the entire month of May, during which Reyes Coca-Cola Bottling committed to donating $0.25 per eligible product purchased to the Bob Hope USO. Reyes Coca-Cola Bottling donated $15,000, and Stater Bros. Charities matched their donation for a total contribution of $30,000.

A check presentation occurred during a K-EARTH 101 radiothon benefiting the Bob Hope USO. The radiothon took place at the Bob Hope USO at LAX (Los Angeles International Airport) on June 29, 2023, where Stater Bros. Charities and Reyes Coca-Cola Bottling presented Bob Hope USO with a $30,000 check.

Bob Hope USO’s mission is to strengthen America’s military service members by keeping them connected to family, home and country, throughout their service to the nation. The Give Back program is a unique opportunity to show gratitude and support to the brave men and women who risk their lives for our freedoms and to care for their families while they are away from home on deployment.

“Stater Bros. Markets has a long history of supporting veterans, service members, and their families,” said Danielle Oehlman, Director, Stater Bros. Charities. “We are so pleased to partner with our friends at Reyes Coca-Cola Bottling and the USO to give back to those who have given so much for us.”

Lorin Stewart, President, USO West Region, said, “We are deeply grateful to Stater Bros. Charities and Reyes Coca-Cola Bottling for being sustaining partners of the USO. The Give Back program embodies the essence of the USO mission by enabling the community at large to come together to support and give thanks to our armed forces and their brave military families in an impactful way.”

Funds will support the Bob Hope USO and USO San Diego Center operations, including programs and services that strengthen the social, mental, physical, and emotional well-being of local military service members, their families, and their communities.

Continue Reading

By Press Release

BDK Logistics Intelligence Fully Leases 114,190 SF Industrial Facility in Corona, CA

Published

on

Cushman & Wakefield represents landlord in lease in SoCal’s Inland Empire

Cushman & Wakefield announced that BDK Logistics Intelligence, Inc. has signed a lease for an entire 114,190-square-foot industrial facility at 1161 Olympic Drive in Corona, California. Situated in Southern California’s renowned Inland Empire, the building is owned by Monterey Rancho Mirage, LLC, which was represented by Brett Lockwood and Rick Ellison of Cushman & Wakefield in the transaction.

“We are pleased to welcome BDK to the property as a quality industrial tenant that is expanding its presence in the market, which it also currently occupies multiple warehouse facilities,” said Director Brett Lockwood. “Our client was instrumental in helping this deal transact as there were many variables that needed to be navigated which led to this lease coming together quickly and successfully.”

1161 Olympic Drive is a quality freestanding building situated on ±4.8 acres and features 20 dock high loading doors. The property is conveniently located off Interstate 15 near the confluence of SR 91 and is proximate to the extensive freeway network traversing the entire Greater Los Angeles region and into other major markets in and out of state.

According to Cushman & Wakefield’s latest Q2-2023 quarterly report, the Inland Empire industrial market posted an overall vacancy of 3.4% and has recorded more than 2.7 million square feet of positive net absorption through the first half of 2023.

Continue Reading

Business Journal Newsletter



Events Calendar

« June 2024 » loading...
M T W T F S S
27
28
29
30
31
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30

Trending