INLAND EMPIRE, CA– Frank Geraci, Walt Chenoweth (middle right photo), Juan Gutierrez (lower left photo) and Patrick Wood of Voit Real Estate Services’ Inland Empire office have completed a 24-month, 497,714 square-foot industrial lease renewal in Redlands, Calif. on behalf of the lessee, Continental Tire North America.
Continental Tire, a global manufacturer and distributor of performance tires, has fully occupied this industrial property since 2009, and will continue to use the property for its North American operations, according to Geraci, an Executive Vice President in Voit’s Inland Empire office.
“This renewal is an example of how important it is to be forward-thinking in our industry,” explained Geraci. “Our team completed the initial 42-month lease of this building on behalf of Continental Tire in 2009.
“At the time, we anticipated that the Inland Empire industrial market would improve. With this in mind, we proactively negotiated a renewal option for our client, giving them an opportunity to extend their lease under pre-negotiated terms.”
The market has improved as expected, according to Geraci, who noted that the inventory of large industrial buildings in the Inland Empire continues to rapidly decline, while rental rates are progressively increasing.
“As we examined the current market, we advised our client to take advantage of the renewal option, locking in below-market rates for an additional two years,” said Geraci.
This property, located at 27223 Pioneer Ave (top left photo). in Redlands, Calif., is close to the I-10, I-210 and I-215 freeways. The lessor, Prologis, a global REIT, represented itself in the transaction.
Contact:
Jenn Quader/Judith Brower
Brower, Miller & Cole
(949) 955-7940
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