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| Industrial Warehouse in Shea Center Ontario Business Park, Ontario, CA |
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| Frank Geraci |
Frank Geraci, Juan Gutierrez and Adam Geiger
of Voit’s Inland Empire office represented Aliso Viejo-based Shea Properties as
the lessor in the transaction.
The tenant, Canada-based Dorel Home Furnishings, is a global
manufacturer and distributor of well-known products in the juvenile, sports,
and home furnishings sector.
“This transaction reflects the ongoing strength of the Inland
Empire industrial market, as well as our Client’s deep understanding of local
market dynamics,” says Geraci.
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| Juan Gutierrez |
“Dorel Home
Furnishings has been a tenant here since 2001. Shea understood the value in
maintaining this excellent relationship for the long-term.
"Further, both
parties recognized the opportunity for a win-win: Dorel was able to save
tremendously by not incurring moving costs, while Shea benefitted by having no
vacancy or downtime in the property, minimizing out-of-pocket costs.”
Voit was able to secure a competitive renewal rate for the
property based on current market fundamentals, including an extremely low industrial vacancy of 4.32 percent in the Inland Empire.
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| Adam Geiger |
Dorel will continue to use the facility as a distribution center
for its Home Furnishings division, according to Geraci, while Shea plans to
implement minor capital improvements inside the facility.
“As an experienced owner with a portfolio spanning 4.9 million
square feet of industrial, office and retail space and more than 8,100
apartment units, Shea Properties manages all of its assets in-house, ensuring
that all properties are well-maintained to meet the needs of tenants,” says
Geraci.
Other tenants at Shea Center Ontario include Emser Tile, Trek
Bicycle, Restoration Hardware and Neovia Logistics.
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| Chuck Belden |
“This is one of the most recognizable business parks in the Inland
Empire, with freeway visibility along both the I-10 and I-15 freeways,”
explains Geraci.
“Our team has been fortunate to partner with Shea as exclusive listing agents on the property for more than two decades, giving us in-depth knowledge into its benefits, operations, and long-term performance.”
“Our team has been fortunate to partner with Shea as exclusive listing agents on the property for more than two decades, giving us in-depth knowledge into its benefits, operations, and long-term performance.”
Shea Center Ontario is currently 100 percent occupied. The
property is located at 5400 Shea Center Drive in Ontario, California.
Chuck Belden and Kyle Kehner
of Cushman & Wakefield represented Dorel Home Furnishings as the lessee in
the transaction.
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| Kyle Kehner |
Contact:
Lisa James / Jenn Quader
Brower Group
(949) 955-7940
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