Voit Directs New 147,677-SF Industrial Lease to National Health Care Service Manufacturer in Redlands, CA

   

 INLAND EMPIRE, CA  (Aug. 20, 2012) – Voit Real Estate Services’ Inland Empire office has directed a new 147,677 square-foot industrial lease in Redlands, Calif., on behalf of the lessor.

The lessee, Medline Industries, a privately held national manufacturer and distributor of health care supplies and services, plans to fully occupy the building for its distribution operations, according to Juan Gutierrez, a Senior Associate in Voit’s Inland Empire office.

Gutierrez worked with Frank Geraci, Walt Chenoweth, (middle right photo), and Patrick Wood (lower left photo) of Voit’s Inland Empire office to represent the lessor, BlackRidge Real Estate Group/ Verde Realty. The lessee, Medline Industries, was represented by Chuck Belden of Cushman  & Wakefield.

This is an expansion for Medline Industries, which was seeking additional warehouse space in close proximity to its existing 405,000 square-foot distribution center in San Bernardino, notes Gutierrez.

“The property is a Class A warehouse within a master planned business park, which is especially attractive to tenants in the current market,” explains Gutierrez. 

“Leasing activity is on the rise in the Inland Empire, and the supply of large, Class A product continues to tighten. Our team is constantly tracking the market, and we were able to leverage the increasing momentum in order to successfully identify a tenant and fully stabilize the building within three months.”

This property is located at 1455 Research Drive in Redlands, Calif.

Contact:

  Jenn Quader/Judith Brower

  Brower, Miller & Cole

  (949) 955-7940

  JQuader@browermillercole.com

Voit Completes 500,000-SF Industrial Lease Renewal for Global Tire Manufacturer in Redlands, CA

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

JQuader@browermillercole.com