·Voit Real Estate Services Directs New 85,000-SF Industrial Lease in Riverside, CA.

RIVERSIDE, CA– Voit Real Estate Services’ Inland Empire office has completed a new 52-month, 85,000 square-foot industrial lease in the Meridian Business Park (top left photo) located at 14530 Innovation Drive in Riverside, Calif.

The lessee, Spectra Premium, an auto parts distributor, plans to fully occupy the Class A industrial building for its West Coast distribution operations, according to Ryan Miller, an Associate in Voit’s Inland Empire office.

Miller represented Spectra Premium as the lessee in the transaction. The lessor, GE Capital Real Estate, a premier commercial real estate company with $60 billion in assets globally, was represented by Walt Chenoweth (middle right photo), Frank Geraci, Juan Gutierrez (lower left photo) and Patrick Wood of Voit’s Inland Empire office.

According to Miller, Spectra Premium, headquartered in Canada, was seeking a high-quality building that could accommodate its distribution needs in order to relocate its West Coast operations from Ontario, Calif.

“Flight to quality is still underway in the Inland Empire,” says Miller. “Our client had been leasing a distribution center in Ontario, and we were able to assist them in moving to this newer facility, while still taking advantage of the market’s competitive lease rates.”

Industrial lease rates will gradually increase over the next 12 to 24 months, Miller says, as the supply of industrial Class A inventory continues to decline.

“As lease rates increase, we will see further stability in the Inland Empire industrial market,” Miller adds.

Contact:

Jenn Quader/Judith Brower
Brower, Miller & Cole
(949) 955-7940
JQuader@browermillercole.com