In April 2014, following a highly competitive bid and interview process, Trammell Crow Company’s SoCal – Newport Beach Business Unit (TCC) was selected by 3M Company (3M) to purchase 42 acres in the heart of Ontario, California. 3M’s property included a 309,000-square-foot warehouse that had been occupied since 1989 but had since become functionally obsolete, along with 22 acres of adjacent vacant land where 3M wanted to develop its new Western Distribution Center.
Opportunity, Solutions & Outcomes
TCC proposed a sale-leaseback, which provided 3M with a short-term leaseback of the existing facility while TCC developed a state-of-the art 456,357-square-foot build-to-suit on the adjacent vacant land. Upon completion, TCC abated and demolished the former facility and developed a Class-A, 452,952-square-foot speculative industrial building. The project’s next-generation design specifications and premier location attracted numerous prospective users, and TCC pre-leased the entire building to The Home Depot.
Ontario Innovation Center exemplifies Trammell Crow Company’s ability to craft sophisticated acquisitions, develop highly specialized build-to-suit product, and develop best-in-class speculative product.