NewMark Merrill Cos. has begun work on Rialto Village, a 96,000-square-foot shopping center in Rialto that will include In-N-Out and anchors Sprouts and Burlington. The company expects construction to wrap up by the third quarter or 2023. (Courtesy of NewMark Merrill Cos.)
Rialto Village, a 96,000-square-foot shopping center in Rialto, will have an In-N-Out and anchors Sprouts and Burlington. NewMark Merrill Cos. expects construction to wrap up by the third quarter or 2023. (Courtesy of NewMark Merrill Cos.)
Sprouts, Ulta and Burlington are among at least 18 tenants that have committed to leasing space at Rialto Village. The new retail center in Rialto broke ground Aug. 18. Construction should be complete by summer 2023. (Courtesy of NewMark Merrill Cos.)
Other key anchors at the 96,000-square-foot center will include Burlington, Ulta and Five Below.
CBRE, which is marketing Rialto Village, says it has so far signed pad deals with Mattress Firm, Arrowhead Credit Union, Quick Quack Car Wash and shop leases with Cold Stone Creamery, The Joint, Nekter Juice Bar, Coffee Bean & Tea Leaf and West Coast Dental.
NewMark Merrill said it finalized the purchase of the site in early August. The firm said just one shop measuring 2,700 square feet remains available.
Coworking space debuts in Rancho Cucamonga
The company TailoredSpace opens its latest coworking space Thursday, Sept.1 in Rancho Cucamonga.
The company offers monthly rental spaces for individuals or small businesses with prices that range from $275 monthly for a single desk to $695 for a one-person office. Offices for more than one user range from $995 (2 people) to $1,895 (6 people). Conference rooms can be rented for $50 hourly.
Amenities at the facility include all the furnishings, “phone booth” access, Internet service, onsite staff, coffee and snacks, mail handling, printing and office supplies.
The company has other coworking spaces in Corona, Riverside, Chino Hills, Brea, Carlsbad and West Covina.
Stater Bros. online bachelor’s degree coming to Cal State SB
Cal State San Bernardino has named an online bachelor of arts in administration program after the grocery chain Jack Brown led for decades.
The Stater Bros. Markets Online Bachelor of Arts in Administration Degree Completion Program will be administered and taught by the Jack H. Brown College of Business and Public Administration.
The Cal State University Board of Trustees unanimously approved the name at its May 24 meeting.
The university will offer the online program as a pathway for the locally-based grocery chain to provide educational opportunities to its employees.
“We are very pleased to further strengthen the college’s engagement with Stater Bros. Markets through this wonderful educational partnership,” said Tomás Gómez-Arias, dean of the Jack H. Brown College. “JHBC is proud to engage in this partnership by offering its cutting-edge degree program taught by our amazing faculty and supported by our dedicated staff to make a significant impact in the region.”
The new online degree is offered in an asynchronous format, which means students can set their own schedules.
Metro 3610 fetches $204 million for 304 units
A week after detailing the sale of the 304-unit apartment complex Metro 3610 in Riverside, we now have the purchase price.
The complex sold for $204 million to Silver Star Real Estate in La Palma, according to documents provided by Vizzda, a commercial real estate data firm.
The complex at 3610 Banbury Drive was built in 1984 on 15.2 acres.
Rents at Metro 3610 range from $1,857 to $2,633 for one- and two-bedroom units, according to Apartments.com.
The complex has two swimming pools, a spa and wading pool, tennis courts, clubhouse, updated fitness center and open green space with picnic areas, grilling stations and a playground.
Perris industrial building sells to investor
Dedeaux Properties in Los Angeles has sold a 205,589 square-foot industrial building in Perris to an unidentified investor, according to the brokerage Avison Young.
Terms of the sale were not disclosed for the property at 100 Walnut Ave., which Avison says was completed recently on 9.56 acres.
“The Inland Empire continues to be one of the hottest industrial markets in the nation, where user demand is outpacing construction deliveries despite a robust development pipeline,” said Stan Nowak at Avison Young. “We believe this trend will continue for the foreseeable future and will bolster development and capital investment despite macro-economic headwinds.”
The buyer was represented by Carol Taubman of Westgate Industrial Properties.
Dedeaux specializes in logistics warehouse properties. Recently the firm executed a tilt-up on a 47,809-square-foot high distribution center in Bloomington. The company also bought 4 acres in two Perris parcels for $5.96 million where it’s developing a 88,000-square-foot industrial building, according to Avison Young in early July.
Region’s mega-warehouse leases are 4th in nation
The Inland Empire’s extra-large industrial leases rank fourth in the nation, according to research by CBRE.
CBRE evaluated leases in the first six months of 2022 for “mega-warehouses” that top 1 million square feet. The brokerage found 37 such leases with seven in the Inland Empire. The combined space leased was 7.4 million square feet.
The region tied Savannah, Ga., while the top markets included Atlanta, No. 1 with 12 leases and 10.3 million square feet, Chicago with 11 (8.9 million square feet), and Indianapolis with nine (7.3 million square feet).
“The demand for 1 million square feet or larger warehouses in the Inland Empire is driven primarily by Fortune 500 retailers and third-party logistics companies, many of which are adapting their supply chains to add extra capacity and meet their e-commerce needs,” said Dan de la Paz, executive vice president, SIOR, with CBRE. As we are still in the early stages of this supply chain strategy modernization, the trend for mega-warehouses is likely to persist, especially in the Inland Empire.”
De la Paz says the only headwind will be “a lack of supply in the core part of the market, which will push development north and east.”
The business briefs are compiled and edited by Business Editor Samantha Gowen. Submit items to firstname.lastname@example.org. High-resolution images also can be submitted. Allow at least one week for publication. Items are edited for length and clarity.