Amazon just signed a lease for its largest piece of property in the U.S. ever.
The company just signed a lease for an astounding 4.1 million square feet in Ontario, California, marking its largest U.S. lease to date.
The deal was consummated in the first quarter of 2022, according to BisNow. A developer for the project or the owner for the project was not immediately disclosed.
The property will be a "five-story warehouse on Merrill Avenue near the Chino Airport", the report says.
Meanwhile, Amazon already has a footprint in Ontario with a distribution center that it owns across the street from this parcel of land.
The signing of a lease is notable for Amazon, BisNow reports, as "Amazon has been moving away from leases and toward owning its own properties, especially for bigger properties".
The project looks as though it could create 7 million square feet of industrial space and 1.4 million square feet of business park space. Prologis is said to be the developer that is mostly likely working on the project.
The warehouse will replace 370 acres that were formerly agricultural land.