Avison Young negotiated sale-leaseback and two high-profile leases prior to sale
Temecula, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the off-market, $28-million sale of a 100% occupied 224,350-square-foot (sf) industrial facility located on 15.1 acres at 41995 Zevo Drive in Temecula, CA, a city in south Riverside County.
Avison Young Principal Stan Nowak, based in the company’s Inland Empire office located in Ontario, CA, represented the 1031 / 1033 exchange buyer, Karney Properties, who plans to hold the property long-term. Nowak also represented the seller, Zevo Drive Holdings, LLC, who was an owner-user operating in the facility as Glasswerks. Avison Young Principal Jay Maddox who is based in the company’s West Los Angeles office consulted on the financing of the deal.
“The sale is testimony to a trend of institutional and large private equity capital seeking select high-growth secondary and tertiary markets in a search for higher yields. Temecula, along with the greater Inland Empire market is a hotbed for that interest,” comments Nowak.
He adds, “Prior to putting the asset on the market, Avison Young worked with the owner-user to lease two vacant spaces to Fortune 500 companies. With strong leases in place at the time of sale, as well as the potential for development upside on the excess land, the buyer saw this as a prime, cash-flowing investment opportunity for both the short and long-term.”
Both new leases were negotiated off-market on behalf of the landlord through Avison Young’s broker network including Avison Young Principal Corey Martin. The new leases included Motorola Solutions, Inc., who signed a 12-year lease for +/-107,000 sf, and Keystone Automotive/LKQ Corp. who signed a seven-year lease for +/-35,000 sf. Glasswerks occupies approximately 83,000 square feet.
While this is Karney’s initial investment in the Temecula submarket, the family-owned firm has developed and acquired millions of square feet of space leased to distribution, manufacturing, creative and retail tenants over the span of nearly 70 years throughout not only some of Southern California’s most dynamic submarkets, but also in Arizona, Colorado and Illinois.
In Temecula, the 215 and 15 freeways provide convenient access for distribution. “We are seeing more major players showing interest in the Temecula Valley area, with large purchases by investors like Blackstone Group, Exeter Properties Group and Karney Properties,” observes Nowak. “Southwest Riverside County and Inland Empire East offer tremendous opportunities if you know where to look.”
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Asurion Tech Repair & Solutions™ Opens in Redlands
Asurion® Repair Experts Provide Fast Fixes on Phones, Tablets, Laptops, and More
A new electronics repair shop, Asurion Tech Repair & Solutions™, has opened in Redlands at 9980 Alabama St. The store offers professional fixes for most consumer electronics, from smartphones, tablets, and computers to game consoles, smart speakers, drones, and more.
While common repairs include cracked screens, battery issues, and water damage, the company’s repair experts have fixed millions of devices and can help with most any tech mishap, and many basic repairs can be completed in 45 minutes or less.
“I’m looking forward to the opportunity to introduce Asurion Tech Repair & Solutions to Redlands as we continue to serve this region,” said Damon Madison, Asurion Tech Repair & Solutions District Manager. “Our team prioritizes customer satisfaction above all else. By offering free diagnostics on all device issues, matching competitors’ prices, and guaranteeing fast-turnarounds on device repairs, we’re dedicated to making our customers’ experience affordable and convenient.”
The store’s expert repair technicians fix all kinds of technology, regardless of make or model, and the store is an authorized repair provider for Samsung Galaxy and Google Pixel smartphones. Customers can book a repair appointment online or stop by the store for walk-in service. The store offers free, no-obligation diagnostics on all gadgets, as well as a 1-year limited warranty on all repairs. It even offers a price match guarantee on any local competitor’s regularly published price for the same repair.
The new Asurion Tech Repair & Solutions store brings the company’s retail footprint to more than 750 locations across the U.S. Formerly known as uBreakiFix®, all U.S. locations will rebrand as Asurion Tech Repair & Solutions throughout 2022.
“We are excited to serve people in Redlands with fast and affordable tech repair,” said Dave Barbuto, CEO of Asurion Tech Repair & Solutions. “We all rely on our phones and laptops more than ever before, and our mission is bigger than repairing shattered screens and broken charge ports. We fix tech because people depend on it to stay connected to things that are important to them. I look forward to serving this community through our new location.”
The new store is located at:
9980 Alabama St Suite C, Redlands, CA 92374
New Partnership Announced; Stater Bros. Markets joins Entertainment Giant
Toyota Arena has announced a new partnership with Stater Bros. Markets effective July 1, 2022.
Guests of the arena will soon be able to experience the new branding of the North Patio, which will include live concerts featuring local bands and up-and-coming professional talent. “We are thrilled to welcome Stater Bros. Markets as a partner to Toyota Arena,” said Michael K. Krouse, President & CEO. “It’s a natural fit – this is our community’s grocery store of choice and the amazing Stater Bros. Charities provides non-profit organizations in our local region with support. We are on board to help as well.”
The marketing amenities this partnership will provide Stater Bros. will include a presence on several assets including the arena’s Interstate 10 marquee, overhead LED scoreboard, television monitors throughout the facility, website, and more. The relationship created through this agreement will also provide benefits for Toyota Arena guests, including new Stater Bros.-inspired food and beverage options.
The benefits to the community will go beyond lifestyle and entertainment, however. Stater Bros. and Toyota Arena recognize the important role they play in the overall development of the City of Ontario. The city’s vigorous commercial and residential growth, and its status as a destination location will result in economic growth, jobs, and a thriving community. The partnership will also open up new opportunities to support the giving efforts of the market’s non-profit charitable arm, Stater Bros. Charities.
“This really is an exciting day for the entire Stater Bros. team. As a company, we work hard to establish great business relationships, and with Toyota Arena, we’ve found an excellent partner,” said Stater Bros. CEO Pete Van Helden. “I look forward to the new opportunities our partnership will bring and its benefits for the City of Ontario and the Inland Empire as a whole.”
IECE Presents its Inaugural State of Entrepreneur Report on Dec. 9
The first-ever State of Entrepreneurship Address for the Inland Empire is being held by the Cal State San Bernardino Inland Empire Center for Entrepreneurship on Thursday, Dec. 9, from 5-8 p.m. at 4th Sector Innovations in Ontario.
IECE’s goal in producing the State of Entrepreneurship research study is to bring the voice of local entrepreneurs to those who need to hear it most – local and state policymakers, community organizations, lenders, and other resource providers.
The Voice of the Entrepreneur survey, on which the address is based, sends powerful feedback on the challenges that entrepreneurs and business owners of the Inland Southern California region face.
Survey results were drawn out earlier this year by reaching out to IECE’s extensive network, consisting of more than 10,000 entrepreneurs and business owners representing a diverse group of industries. The IECE will continue to distribute the Voice of the Entrepreneur survey in the spring of each calendar year to find out what Inland Empire entrepreneurs and business owners are going through.
The report is a potent tool for policymakers, economic impact drivers, and business owners and entrepreneurs to analyze growth potential within the region. Using measurable data, the goal is to identify the challenges and opportunities facing local business owners and obstacles that may be impeding business growth.
The result is a concise report that gives insight into how we can effectively learn and evolve together with a regional focus.
The evening will start and end with networking and food; in between, the SOER report will be presented, which includes examining the indicators of entrepreneurial activity and how the IE measures up as a region; learning of the Voice of the Entrepreneur direct survey results and the common themes, as well as an IE Ecosystem assessment; and regional perspectives from influencers that include:
- Rod Vandenbos, founder and CEO, buzzbox beverages, Indio;
- Mike Napoli, Tech Coast Angels, Palm Springs;
- Edward Ornelas, Jr. President, Inland Empire Regional Chamber of Commerce
- Ana Karina Suchánek, president, Cask Restaurant Group, Inc., Rancho Cucamonga; and
- Pepi Jackson, president and CEO, Riverside Black Chamber of Commerce
Click the following link – Secure Your Spot for the 2021 State of Entrepreneurship Address – to attend, network and learn more about entrepreneurship in the region. Whether you are a seasoned or soon-to-be entrepreneur, there is a perspective for everyone who wants to know more about how to strengthen the Inland Empire economy.
The presentation will unveil breakthrough metrics and perspectives on the State of Entrepreneurship throughout the Inland Empire, including:
- Why a report like this is essential for the collective growth of our region;
- What the report consists of: indicators for entrepreneurship and what real entrepreneurs in our communities are telling us through our Voice of the Entrepreneur survey results; and
- Regional perspectives from influencers and officials that are active in our ecosystem.
The event will also include food and cocktails while networking within an inspirational setting at 4th Sector Innovations Ontario.
To learn more, visit the IECE State of Entrepreneurship Report website.
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