VOIT COMPLETES 500,000 SQUARE-FOOT INDUSTRIAL LEASE RENEWAL FOR GLOBAL TIRE MANUFACTURER
Voit’s Inland Empire office completed significant industrial lease renewal in Redlands, Calif. on behalf of Continental Tire North America.
INLAND EMPIRE, CA – June 29, 2012 – (RealEstateRama) — Frank Geraci, Walt Chenoweth, Juan Gutierrez 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 Frank 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. 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.
About Voit Real Estate Services
Voit Real Estate Services is now a 10 office commercial real estate firm that, through its brokerage and asset services professionals working together, provides strategic property solutions tailored to clients’ needs. Combining 40 years of expertise in brokerage, investment advisory, financial analysis, market research, asset management, tenant advisory and property management services, Voit provides clients with forward looking strategies that create value for their assets and portfolios.
Voit is a privately held, debt-free firm that has successfully navigated numerous market cycles since 1971 and currently employs more than 250 people. Voit has owned, developed and managed over 50 million square feet of commercial real estate, participated in $1.4 billion of construction projects and completed over $36 billion in brokerage transaction volume. Further information is available at www.voitco.com.
Contact:
Jenn Quader/Judith Brower
Brower, Miller & Cole
(949) 955-7940
JQuader (at) browermillercole (dot) com
