IE Business Daily Business news for the Inland Empire.
NAIOP, the commercial real estate trade association, is taking registrations for its annual bus tour of industrial properties in the Inland Empire.
This year’s event is scheduled to be held Nov. 7, with more than 50 sites in Riverside and San Bernardino counties to be visited, said Robert Evans, executive director of NAIOP’s Inland Empire chapter.
Seven buses will leave Chino Airport at noon, four of them destined for the Inland region’s east end, the remaining three for the west side.
“That’s a pretty good turnout,” Evans said. “There are a lot of good projects going up, especially on the east end, where we’re going to look at about 32 properties.”
The Inland industrial real estate market has improved dramatically since 2010, the height of the recession, when the chapter hosted a virtual display of industrial properties but did not hold its bus tour.
By comparison, two years earlier, the tour included nine buses, with 350 or so people signing up for the event. One year later, in 2009, the recession had hit but the tour still went on, with seven buses and about 300 brokers.
“There weren’t enough properties to visit,” Evans said of 2010. “So it’s definitely getting better. There are a lot of groundbreakings going on.”
The bus tour, which is followed by a reception, gives Inland brokers a chance to learn about which industrial projects are under construction and what phases they’re in, Evans said.
This year’s sponsors include TrammellCrow, Lee & Associates, Panattoni Development and Colliers.
Retirement home gets new look
Olive Grove Retirement Resort in Riverside is undergoing a major renovation.
Welbrook Senior Living in Torrance, which develops senior living facilities, has started a multi-million dollar renovation of Olive Grove, according to a report originally published in The Press-Enterprise.
The facility at 7858 California Ave. has been renamed: the 203-unit facility is now Welbrook Senior Living Arlington. Also, two buildings will be converted into an assisted living center for people who need special care, according to the report.
All of the complex will be remodeled, including apartments, common areas and dining areas. The renovation is expected to cost between $5 million and $6 million and be finished by next spring, according to the report.
