Securing two new lease contracts for a combined 1.1 million square foot, IDC Logistics is expanding its footprint in South California.
The company of the third party (3PL), which has ties with China, has closed a deal for an 844,311 square base, temperature -controlled industrial space in San Bernardino, California, on 5690 industrial PWY. This transaction with Alere Property Group is the second largest lease in the Inland Empire this year.
The second lease agreement of the company is 260,000 square feet in the city of the industry on 19515 E. Walnut Drive N., a real estate that is owned by a principal financial group philiaest. Jeff Vertun from CBRE represented IDC in both negotiations.
“The key to effectively representing 3PLs – the largest tenant segment in industrial real estate – is completely synchronous with their commercial strategy,” Vertun said. “By viewing their real estate portfolio from the perspective of the CEO, we create more opportunities, we achieve higher conversion rates and ultimately promote more efficient growth.”
Instead of a distribution facility, the City of Industry lease from IDC becomes a special electronic production hub for a confidential customer. This new operation will employ 200 local specialists with a production goal of 12,000 to 15,000 finished units weekly. The movement emphasizes a strategic shift from logistics to production for the property.
“This facility gives our partners a new type of Supply Chain solution-rectifying, local and tariff-conscious while they support American jobs and economic growth,” said Elton Chung, CEO of IDC.
The new lease contracts mark a follow -up Expansion strategy for IDCEarlier this year already 350,000 square feet in the inland empire protected and now explores extra space in Texas and New Jersey.
Although the industrial sector of the Inland Empire has affected itself with an oversupply of new space that has led to higher vacancy rates and eight consecutive quarters of rental decreases, the lease shelter remains strong. This is largely attributed to the strategic proximity of the region to the ports of Los Angeles and Long Beach.
Large deals this year include: EQT’s rental agreement of 1 million square foot with an unknown tenant in the Hesperia Commerce Center One; Burlington’s 758,180 square feet renewal in San Bernardino, Calif.; and American Beauty Supplys 715,433-four-part renewal in Rialto, California.
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