Stirling Capital Investments Starts Construction on 296,000-Square-Foot Distribution Facility at Southern California Logistics Centre in Victorville, Calif.
Stirling Capital Investments, a joint venture between Stirling Enterprises, a Foothill Ranch, Calif.-based development company, and Denver, Colo.-based DCT Industrial Trust Inc. (NYSE: DCT), a leading industrial real estate investment trust, announced it has commenced construction on a 296,000-square-foot Class A distribution building located on 17.48 acres at Southern California Logistics Centre (SCLC) in Victorville, Calif.
Victorville, CA (PRWEB) November 19, 2007 -- Stirling Capital Investments, a joint venture between Stirling Enterprises, a Foothill Ranch, Calif.-based development company, and Denver, Colo.-based DCT Industrial Trust Inc. (NYSE: DCT), a leading industrial real estate investment trust, announced it has commenced construction on a 296,000-square-foot Class A distribution building located on 17.48 acres at Southern California Logistics Centre (SCLC) in Victorville, Calif. Completion of the facility is anticipated for 2nd Quarter of 2008. The building is expected to generate between 25 and 50 new jobs.
Stirling Capital Investments 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.
"We are developing a state-of-the-art Class A industrial building featuring contemporary tilt-up concrete and an abundance of trailer parking spaces which is a competitive advantage for a building of this size," said Brian Parno, vice president of Stirling, the master developer of SCLC. "There's no other product like this available in the High Desert market, which has proven to be a viable alternative for distribution and warehousing companies offering a significant cost savings in comparison to other Inland Empire locations. This marks the fourth building we have started construction on this year, and we remain very optimistic about our overall development plan."
Stirling Capital Investments will be striving to gain LEED (Leadership in Energy and Environmental Design) certification, a nationally accepted benchmark for the design, construction and operation of high performance green/sustainable buildings, for the building upon completion. The distribution building will feature 32' ceilings, an ESFR sprinkler system, 147 trailer parking spaces and 116 dock doors. The building is part of Phase I development plans which total 6.5 million square feet of industrial space over 350 acres of land. 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.
Phase I construction at SCLC is already underway. Stirling Capital Investments completed construction on Newell Rubbermaid's 408,000-square-foot distribution building in September. Construction has also commenced on two multi-tenant industrial buildings totaling approximately 224,000 square feet.
"When George Air Force Base closed in 1992, thousands of jobs were lost and it was a devastating shock to the local economy," said Terry Caldwell, City of Victorville Mayor and Southern California Logistics Airport Authority Chairman. "We are now seeing Southern California Logistics Centre evolve into the largest fully-integrated commercial development in the region with the anticipation of creating approximately 24,000 jobs and supporting another 18,500 jobs in the surrounding area upon completion."
According to an independent economic and fiscal impact study, Southern California Logistics Centre is projected to generate $3 billion annually in economic output with more than $1 billion annually in profits, wages and government revenues upon completion. That level of activity will produce over $17 million in total local government tax revenues annually; including $16 million in Redevelopment Agency directed property taxes.
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 a public/private partnership agreement 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 create more than 24,000 jobs and support another 18,500 jobs in the surrounding 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/.
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