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As further testimony to the ever-expanding commercial development demand in the High Desert region of the Inland Empire, Stirling Capital Investments, a joint venture between Stirling Enterprises, a Foothill Ranch, Calif.-based development company and Denver, CO-based DCT Industrial Trust Inc. (NYSE: DCT), a leading industrial real estate investment trust, announced it has commenced construction on two speculative, multi-tenant industrial buildings totaling 223,773 square feet at Southern California Logistics Centre (SCLC) in Victorville, Calif. The multi-tenant buildings are part of overall Phase I development plans which total 6.5 million square feet of industrial space over 350 acres of land. Completion of the multi-tenant facilities is anticipated for February of 2008.
Multi-Tenant RenderingAccording to Brian Parno, vice president of Stirling, the master developer of SCLC, the two buildings, which will offer suites from 3,500 square feet to more than 20,000 square feet, are expected to generate between 100 and 200 new jobs for the region. Southern California Logistics, the all encompassing 8,500-acre multimodal freight transportation hub supported by air, ground and rail connections, continues to be a catalyst for the region's economic growth and vitality. Upon build out, Southern California Logistics is projected to create more than 24,000 jobs and support another 18,500 jobs in the surrounding area. Additionally, at build out it is anticipated to generate more than $3 billion in tax revenue for the Inland Empire's growing economy, according to a draft Economic Impact Study.
"We will be delivering the first high-quality business space that caters to smaller businesses in the High Desert region," said Parno. "We've already received overwhelming interest by a wide variety of small to mid-sized businesses and have five signed letters of intent which represents 22 percent of the total space at the multi-tenant business park. We are committed to developing high-quality state-of-the-art buildings at Southern California Logistics Centre focusing on long term value for the City of Victorville."
In April 2007, Stirling Capital Investments broke ground on the first Phase I facility for Newell Rubbermaid, a global marketer of consumer and commercial products with sales of approximately $6 billion. The 407,612-square-foot build-to-suit distribution building was recently completed and the Atlanta, GA-based company is currently moving into its new facility creating approximately 85 new jobs. Plans are already underway to expand the Newell Rubbermaid facility to one million square feet over the next five years.
"Southern California Logistics is a powerful economic engine that over recent months has really proven its strength and ultimate potential," said Terry Caldwell, City of Victorville Mayor and Southern California Logistics Airport Authority Chairman. "Our goal is to create jobs and enable more residents to both live and work in the High Desert. That vision is coming together as planned as the housing, workforce population and places of employment grow together, creating that crucial symbiotic relationship so important to building a successful, thriving community."
As part of Phase I development, Stirling Capital Investments will also develop a 296,000-square-foot distribution building with construction slated to begin in October. Stirling has executed an agreement with Cal Cartage, a third party logistics provider that manages more than 13 facilities in California, Chicago, Georgia and Mexico, to co-market the facility. The building will be the first-ever logistics-oriented facility developed at SCLC and will provide warehouse management and logistics fulfillment services. CB Richard Ellis' Jay Dick, Darla Longo, Mark Latimer and Marc Santoro are responsible for marketing Phase I facilities on behalf of Stirling Capital Investments.
"America's top companies are investing and locating in Victorville. We have affordable land, an available and qualified labor pool and a strategically situated multimodal logistics hub offering complete access to the supply chain,"said Keith Metzler, economic development director of the City of Victorville.
A number of world class companies are already located at Southern California Logistics and in the City of Victorville including the Goodyear Tire & Rubber Company, M&M/Mars Inc., Nutro Products, Inc., ConAgra Foods, GE Aircraft Engines and Pratt & Whitney.
About Southern California Logistics
Southern California Logistics, the former George Air Force Base in Victorville, Calif., is an 8,500-acre multimodal freight transportation hub supported by air, ground and rail connections. Southern California Logistics is comprised of Southern California Logistics Airport (SCLA), a 2,500-acre world-class air cargo and aviation facility; Southern California Logistics Centre (SCLC), a 2,500-acre commercial and industrial complex entitled for 65 million square feet of development; and Southern California Rail Complex (SCRC), a planned 3,500-acre intermodal and multimodal complex entailing rail-served facilities. Stirling and the City of Victorville have teamed up to redevelop the former George Air Force Base into Southern California Logistics, the largest fully-integrated commercial development in the region, which is anticipated to bring more than 30,000 jobs to the area. Southern California Logistics offers 24-hour, seven-day-a-week operations with onsite U.S. Customs. It has been designated a Foreign Trade Zone and a Local Agency Military Base Recovery Act Zone by the federal government. It has two intercontinental runways and can accommodate all current-flying commercial and military aircraft with 24-hour, seven-day-a-week air tower operations and emergency response capabilities comparable to that of the world's largest airports. For more information, visit www.logisticsairport.com.
About Stirling Capital Investments
Stirling Capital Investments is a joint venture between Stirling, a Foothill Ranch, Calif.-based strategic, full-service, value-added development company specializing in master-planned communities and major land renovations and Denver, CO-based DCT Industrial Trust Inc. (NYSE: DCT), a leading industrial real estate investment trust. Stirling is led by partners Dougall Agan and Chris Downey, who have been responsible for more than $3 billion in development activity on large-scale land development projects in Los Angeles, Orange, San Bernardino and San Diego counties. DCT Industrial Trust Inc., is a leading real estate company specializing in the ownership, acquisition, development and management of bulk distribution and light industrial properties located in 24 of the highest volume distribution markets in the U.S. as well as Mexico.
The City of Victorville: All the Ingredients for Business Success
The City of Victorville is a pro-business community offering many incentives, such as permit fast-tracking, employee home purchasing assistance, training and tax credits and a less-restrictive regulatory environment. For more information, visit http://ci.victorville.ca.us/.