Ontario, CA (September 22, 2022) — Newmark announces DCG Fulfillment has signed a 306,412-square-foot industrial lease at 3645 W. Yosemite Avenue in Lathrop, Calif.
Newmark Executive Managing Directors Mark Kegans, SIOR and Ron Washle, SIOR teamed with Executive Managing Director Joe Fabian to represent DCG Fulfillment, a family-owned third-party logistics provider based in California’s Inland Empire. This transaction brings DCG’s total footprint to more than 3.7 million square feet.
“Our team was pleased to complete another successful lease for DCG Fulfillment,” said Washle. “Lathrop Gateway is a prime location for fulfillment operations, with easy access to multiple transportation nodes across the West Coast.”
3462 W. Yosemite Avenue is a 610,025-square-foot industrial warehouse situated within Phelan Lathrop Gateway, a multi-phase industrial park in proximity to the Oakland port. Building features include approximately 3,400 square feet of office space, 110 dock-high doors, four grade-level doors, 36-foot clear height, ESFR sprinklers, 4000-amp power and parking for 364 automobiles and 130 truck trailers.
Fabian added, “The growth potential for DCG Fulfillment in the Central Valley created a lot of opportunity. With over 8 million square feet of new inventory to choose from, we were able to structure a lease that accomplishes immediate needs for expansion. This was a win-win for all parties involved.”
The property is situated on Highway 120 in Lathrop, approximately 25 miles east of the San Francisco Bay area. The location provides immediate access to Interstate 5, providing connection to major logistics and transportation locations along the West Coast including the BNSF and UP Intermodal Facilities, four regional international airports and ports in Stockton, Oakland and Sacramento.
“As the Inland Empire’s supply tightens and prices rise, some warehousing companies are beginning to explore alternative markets such as the Central Valley, Lancaster/Palmdale, Phoenix and Las Vegas. The Lathrop location is an excellent fit for DCG,” concluded Kegans.
The national industrial market has remained resilient despite recent economic and geopolitical headwinds, according to Newmark Research. For the fifth consecutive quarter, national industrial absorption topped 100 million square feet. The persistent imbalance between demand and new deliveries has pushed vacancy down to 3.7%, likely a cyclical low. Demand remains strong for industrial space with absorption continuing to outpace deliveries. Over the coming quarters, the deficit between net absorption and deliveries is likely to tighten and reverse as consumer demand softens and construction deliveries rise, given the record-high construction pipeline.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022.
Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,500 professionals around the world.
West Coast Commercial Real Estate News