Industrial Lease is Inland Empire’s Largest This YearONTARIO, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented Kenco Logistic Services, a Tennessee-based, privately held third party logistics provider, in the lease of a 517,000-square-foot industrial building in Redlands.
The consideration of the five-year lease was not disclosed. It is the largest industrial lease signed in the Inland Empire thus far in 2009.
Kenco Logistic Services is slated to occupy the recently completed building in March.
Kenco Logistic Services is slated to occupy the recently completed building in March. The facility is located at 26875 Pioneer Ave., within Watson Commerce Center Redlands (top right photo). The LEED-certified property, developed by Watson Land, is a new location for Kenco.
Ron Washle and Mark Kegans, both senior vice presidents in Grubb & Ellis’ Ontario office, represented the lessee in the transaction. Thomas Taylor and Steven Bellitti of Colliers International represented the lessor.
South Coast Home Furnishing Centre in Costa Mesa, CA Sold for $35M
Ron Washle and Mark Kegans, both senior vice presidents in Grubb & Ellis’ Ontario office, represented the lessee in the transaction. Thomas Taylor and Steven Bellitti of Colliers International represented the lessor.
South Coast Home Furnishing Centre in Costa Mesa, CA Sold for $35M
In Newport Beach, CA, Newport Beach-based Burnham USA Equities Inc. and affiliate Burnham-Ward Properties have purchased out of receivership South Coast Home Furnishings Centre (middle left photo) in Costa Mesa for approximately $35 million. The 300,000-square-foot retail center is located at 3333 Hyland Road along the San Diego Freeway.
Existing major tenants include La-Z-Boy, Linder’s, C.S. Wo, Easy Life, Munro’s, Creative Leather and NW Rugs.
The center, which was owned by South Coast Home Furnishing Center LLC prior to the receivership, was offered for sale through a court-appointed receiver.Dixie Walker, (middle left photo) senior vice president with Grubb & Ellis’ Newport Beach office, represented the receiver in the transaction. It is one of the first major retail transactions in Southern California to trade in the distressed asset category.
“This property traded for $100 million in August 2007,” said Walker. “It illustrates how hard the retailers, particularly retailers so directly tied to the residential real estate industry, have been hit by the economic downturn. The center originally had 32 tenants, only 16 remained at closing.”
The buyer plans to convert some of the vacant retail space to office use and home furnishings-related tenants such as interior designers, Walker said.
“This property traded for $100 million in August 2007,” said Walker. “It illustrates how hard the retailers, particularly retailers so directly tied to the residential real estate industry, have been hit by the economic downturn. The center originally had 32 tenants, only 16 remained at closing.”
The buyer plans to convert some of the vacant retail space to office use and home furnishings-related tenants such as interior designers, Walker said.
Grubb & Ellis Company Represents V&A Engineering in Lease of 8,391 SF of Office Space in Oakland, CA for Corporate HQ
In Oakland, CA, Grubb & Ellis Co. represented V&A Engineering in the lease of 8,391 square feet of office space in Oakland for its corporate headquarters. Terms of the 10-year lease were not disclosed.V&A Engineering is slated to occupy its new space at 155 Grand Ave. (bottom right photo) in June. The engineering firm, which is relocating from 1999 Harrison St. in Oakland, will double in size with the move.
The independent consulting engineering firm specializes in corrosion engineering, coatings system management and condition assessment services, serving clients in the water, wastewater and transit industries.
Christopher Johnke, vice president, and Cale Miller, associate, of Grubb & Ellis’ San Francisco office represented the lessee in the transaction. In-house leasing agent Mike Keely represented the lessor, Brandywine Realty Trust.
Christopher Johnke, vice president, and Cale Miller, associate, of Grubb & Ellis’ San Francisco office represented the lessee in the transaction. In-house leasing agent Mike Keely represented the lessor, Brandywine Realty Trust.
Contacts:
Sharon Abar, 714.975.2185, sharon.abar@grubb-ellis.com
Damon Elder, 714.975.2659, damon.elder@grubb-ellis.com
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