IE Business Daily Business news for the Inland Empire.
A third-party logistics company has renewed its lease on a building in Perris.
GPS Logistics & Warehouse will remain in the 205,589-square-foot building at 100 Walnut Ave. for 65 months, according to Avison Young’s Inland Empire office.
Financial terms of the agreement were not disclosed.
Avison Young represented the landlord, Ares Management, a global firm. GPA Logistics was represented by Savills USA’s Newport Beach office.
The lease renewal comes at a time when the Inland industrial market is battling several negative trends, including higher vacancy rates and more scrutiny on tenant credit.
“In today’s market, large-scale renewals like this are a major achievement,” said Cody Lerner, principal with Avison Young, in the statement. “It reflects the quality of the asset and the strength of the Inland Empire East location.”
GPS Logistics is based in Vancouver, British Columbia. It has occupied the Walnut Avenue building since it was built in 2022, according to the statement.
