Prologis CEO Hamid Moghadam and 13048 Valley Boulevard
Prologis signed baby products manufacturer Baby Trend to a long-term lease in a Fontana logistics center, as the local industrial market remains among the hottest in the nation.
The 10-year deal closed last week, according to Commercial Observer. Baby Trend is taking 450,000 square feet at 13048 Valley Boulevard, according to the report. It will fill the space vacated by APL Logistics, which last year moved to a larger space Prologis owns in North Rialto.
Colliers International’s Mark Yorn represented Prologis in the latest deal, while John Espinosa of Lee & Associates represented Baby Trend.
The Inland Empire was the busiest market for logistics space in the country last year. Space is not as tight as it is in Los Angeles County, but rents continue to grow and development is steady.
Prologis, a real estate investment trust based in San Francisco, owns more industrial real estate in Los Angeles County than any other investor. The REIT owns around 17.3 million square feet of L.A. County industrial space across 56 properties, worth a total of around $2.6 billion.
Amazon is its biggest customer, leasing around 3.3 percent of its portfolio worldwide.
Prologis invests in existing properties and develops new facilities. Last year it paid about $8.4 billion for rival DCT Industrial Trust and its 71 million square feet of logistics space around the country. [CO] — Dennis Lynch
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