Increased shipping traffic at the ports of Los Angeles and Long Beach has prompted developer Watson Land Co. to build an $80-million industrial complex in Chino on speculation of finding renters at a later time.
Watson land will erect three structures housing a combined total of more than 1 million square feet on a 49-acre parcel at Kimball and Mountain avenues that it assembled over the last year, Vice President Craig B. Halverson said. Construction will begin in the second quarter of 2013.
Watson doesn't have tenants lined up for the buildings, which could be used for manufacturing, warehousing or distribution. Halverson said the company is comfortable creating them "on spec" because demand is rising for facilities that serve businesses using the ports.
"Vacancy is way down," Halverson said. "Absorption has been strong and we think it will continue to be strong for the near term."