 |
| Rick Turner |
IRVINE, CA – DAUM
Commercial has directed the 10-year lease of a 33,324 square-foot freestanding
industrial building in Irvine, California.
Rick Turner, a Senior
Associate in DAUM’s Newport Beach office, represented the lessee, a medical
device testing company that is relocating from a 16,000 square-foot space in
Fountain Valley – doubling its footprint in Orange County.
“We began the search in North Orange County,
close to the Client’s existing facility. However, with 2.3 percent industrial
vacancy county-wide, we knew widening the parameters was required,” says
Turner.
“By expanding the search geographically, we were able to identify this
high-image building, which is in close proximity to many of the tenant’s
existing and target customers, making this the perfect fit for their
expansion.”
Turner notes that the
facility features many of the specific items the tenant was seeking, including
in-place climate control options and existing office space to accommodate the
precise demands of the medical device testing industry.
“Our Client plans to implement
a series of improvements that will transform the space into a state-of-the-art
testing facility,” says Turner.
“Further, the 10-year lease term closed with a five-year option, giving
the landlord a strong, dependable tenant for many years to come.”
Turner explains that these
lease terms are rare in the current Orange County market, where availability
and pricing continues to drive prospective tenants north or inland.
“This lease speaks to the
high quality of our Client’s company, and to our firm’s ability to identify
solutions even in a tightening market,” says Turner.
The building is currently
vacant and is located at 9400 Toledo Way in Irvine, California, off Alton Parkway
and in close proximity to the I-5 Freeway.
The new $4.5 million lease begins on May 1, 2017.
The landlord, John Meehan of Meehan Holdings, LLC,
represented himself in the transaction.
DAUM Commercial is a
leading provider of commercial real estate services including brokerage, tenant
representation, consulting, leasing, sales and property management. Founded in
1904, DAUM focuses on longstanding client relationships and draws upon its
century-long track record to deliver steadfast insights and proven results to
clients throughout the U.S.
DAUM has ten offices
throughout Southern California and Arizona. More information is available at
For a complete copy of the company’s news release,
please contact:
Miki Conant
Account Executive
Brower, Miller & Cole
895 Dove Street, Third
Floor
Newport Beach, CA 92660
p: (949) 955-7940 / c:
(832) 260-4414
No comments:
Post a Comment