IE Business Daily Business news for the Inland Empire.
Panattoni Development Co. was recently named the Inland Empire’s Industrial Developer of the Year by NAIOP’s Inland chapter.
The Newport Beach company was recognized for breaking ground last year on four projects that totaled 3.2 million square feet, and for finishing two speculative industrial properties in Rialto of approximately 373,000 and 718,000 square feet respectively, according to a NAIOP release.
Panattoni also completed and leased a 1.4-million-square-foot industrial building in Moreno Valley and a 636,000-square-foot industrial structure in Riverside during 2013, according to the release.
NAIOP Inland Empire held its third annual REXIE Awards Jan. 21 the Hilton Ontario Airport. The awards, which were given to businesses and individuals in eight categories, recognize exceptional achievement in industrial development, leasing and land acquisition last year.
Judges look for projects and transactions that strengthen the Inland Empire’s position as a capital of industrial development and as a hub for international logistics in the United States.
The event, which was attended by 280 commercial real estate professionals, raised $2,500 for the Boys & Girls Club of Fontana, according to the release.
Other winners were:
- Prologis, named Industrial Owner of the Year, for its ownership of 37 million square feet of industrial space in Riverside and San Bernardino counties, all of it fully leased. Denver-based Prologis owns those property either directly or through funds and partnerships;
- Chuck Belden and Phil Lombardo, both with Cushman & Wakefield Ontario, were named Industrial Leasing Broker[s] of the Year. Between them, Belden and Lombardo completed more than 12 million square feet of industrial lease transactions during 2013.’
- Darla Longo and Barbara Emmons of CBRE Group Inc. Ontario were named Industrial Investment Broker[s] of the Year. Last year, Longo and Evans closed 9.2 million square feet of industrial investment transactions in the two-county region;
- The Alere Property Group in Newport Beach was recognized for the Investment Acquisition of the Year. Alere Property bought the Class A Rialto Commerce Center, which covers 1.1 million square feet and is 83 percent leased;
- First Industrial Realty Trust in Chicago was recognized for the Industrial Land Acquisition of the Year. First Industrial spent 18 months buying 77 acres in Moreno Valley from 11 different owners. The assemblage was completed last year;
- Panattoni Development and Principal Real Estate Investors received the award for the Industrial Lease Transaction of the Year. Both companies combined to lease a build-to-suit project in Moreno Valley that covers 1.4 million square feet;
- The San Bernardino County Economic Development Agency was named Public Partner of the Year. The agency was recognized for its business-friendly practices, including streamlining permitting processes and engaging stockholders. The agency helped create 2,440 jobs create more than 3.7 million square feet of leases during 2013, according to NAIOP Inland Empire.
NAIOP Inland Empire is the regional chapter of the national commercial real estate development association and is the leading professional organization for commercial brokers in the Inland region, according to the release.
