Prologis has signed electronics company Ricoh USA to a long-term lease for a sprawling warehouse in the Inland Empire.
Ricoh will take the 373,771-square-foot facility at 1920 West Baseline Road in Rialto, according to Commercial Observer. The five-year deal is valued at around $13.2 million, according to the report.
Ricoh will use the property for light assembly and distribution of copiers and related equipment.
Industrial powerhouse Prologis has weathered the pandemic relatively well, benefiting from the heavy demand of warehouse and distribution centers as e-commerce orders jumped. Company CEO Hamid Moghadam said in July that the firm’s biggest challenge was finding suitable large properties to buy.
Prologis found one such property recently on the edge of Downtown Los Angeles — the Greyhound bus station. Prologis is buying the 8.3-acre property from the bus company for $91 million. It’s a lease-back deal, but it’s possible Prologis will redevelop the large parcel.
Industrial market availability nationwide is low, with continued demand helping keep lease rates high and investment deals closing. [CO] — Dennis Lynch
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