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Stirling Capital Investments Announces Major Lease Signings at SCLA

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Boeing, UFI and ComAv Asset Management Commitments Highlight Growth in Business, Jobs in the High Desert

May 6, 2020 — Today Stirling Capital Investments LLC announced the completion of three major lease transactions at Southern California Logistics Airport in Victorville, California. The transactions were completed with The Boeing Company, United Furniture Industries (UFI) and ComAv Asset Management, and highlight the meaningful operational, workforce, and expansion benefits to high-caliber companies locating at the regional business and logistics hub.

The Boeing Company signed a 66-month lease with Stirling for 60,396 square feet in the building located at 13644 George Avenue. The company will complete machine tooling work at the facility for its aircraft maintenance programs, relocating this business unit from its former site in Orange County to support existing Boeing operations at SCLA.

“Boeing is a long-term tenant with multiple operations within the overall project area at SCLA and we are now also thrilled to welcome the company and its workforce as a direct tenant in our Business Center,” says Stirling COO Brian Parno. “This lease will notably bring another influx in quality jobs to the local region and is a perfect example of our ability to provide corporate America with room to grow and to meet changing long-term space needs in several different platforms.”

Mark Kegans of Newmark Knight Frank represented the tenant and Anita Tuckerman, Stirling’s vice president of asset services completed the transaction directly for the landlord.

Additionally, Stirling announced the renewal of a lease for a 505,000-square-foot facility with United Furniture Industries (UFI) of Mississippi, a recognized national provider of bonded leather and upholstery fabric recliners, sofas, recliners, loveseats and sectionals. UFI began their manufacturing operations at this facility in 2011 and renewed their lease, effective November 2020, for an additional three years. UFI currently employs more than 300 full time workers at this facility, which serves as the company’s west coast base of operations.

Parno reports, “We have enjoyed a great long-term relationship with UFI which, as an SCLA tenant, has made tremendous contributions to the local High Desert economy by consistently growing their production and business over the years. With options to maintain their operations at SCLA through 2028, this renewal is a signal that this location continues to work optimally for their manufacturing and distribution.”

Joseph Brady of The Bradco Companies represented UFI and Dedrik Pharis and Jay Dick of CBRE represented Stirling in this transaction.

Finally, Stirling reports that it successfully negotiated terms with ComAv Asset Management for a six-year lease extension for the company’s corporate headquarters location at 18499 Phantom West, Suites 11-18. A solid anchor of the Business Center since its inception in 2009, the company provides aviation maintenance and asset management services. The firm’s business at SCLA has expanded significantly following the COVID-19 outbreak, with ComAv Asset Management now hosting and maintaining over 200 airplanes onsite.

This third lease transaction was negotiated by SCI directly with ComAv Asset Management’s ownership group.

“All of these leases demonstrate the phenomenal tenant retention we’ve experienced at SCLA,” says Anita Tuckerman. “With an eager local workforce, flexible solutions and significant room for tenants to expand operations within the park, our client base has been able to successfully position themselves for future growth and leverage the opportunities that the High Desert offers.”

 

About Stirling Capital Investments

Stirling Capital Investments is a joint venture between Stirling (www.stirlingdevelopment.com), a Foothill Ranch, Calif.-based strategic, full-service, value-added development company specializing in master-planned communities and major land renovations and San Francisco, Calif-based Prologis, Inc. (NYSE: PLD). Stirling is led by partners Dougall Agan and Chris Downey, who have been responsible for more than $3 billion in development activity on large-scale land development projects in Los Angeles, Orange, San Bernardino and San Diego counties. Prologis, Inc., is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of March 31, 2020, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 965 million square feet (90 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,500 customers principally across two major categories: business-to-business and retail/online fulfillment.

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The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.

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Stockbridge Acquires 540,478 SF Inland Empire Industrial Portfolio for $142MM

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San Francisco based Stockbridge acquires 100% leased assets in premier IE West location

Cushman & Wakefield’s EDSF also sources acquisition financing for transaction

Cushman & Wakefield announced the firm has arranged the sale of a core industrial portfolio totaling 540,478 square feet in Southern California’s premier Inland Empire West (IEW) submarket. The portfolio consists of two freestanding Class A buildings located a few miles apart at 3351 E Philadelphia St and 4450 E Lowell St in the city of Ontario. The buildings are 100% leased to prominent tenants in the distribution and retail industries.

San Francisco based Stockbridge acquired the two-property portfolio from Principal Asset ManagementSM a global financial and investment management firm. The portfolio sold for $142.25 million.

Jeff Chiate, Jeffrey Cole, Rick Ellison, and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group—West represented the seller in the transaction. The firm’s Phil Lombardo, Chuck Belden and Andrew Starnes also provided leasing advisory.

Additionally, a Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team of Rob Rubano, Brian Share, Joseph Lieske, Max Schafer, and Becca Tse collaborated in sourcing acquisition financing for the transaction.

“Stockbridge has acquired an institutional-quality industrial portfolio with a phenomenal infill location combined with strong tenancy and premium distribution features and functionality. Both properties have maintained a historical occupancy of 100% for nearly a decade speaking to the tenant demand for industrial buildings of this quality and location,” said Jeff Chiate, Executive Vice Chair. “Additionally, with current rents below market rate, the buyer has a compelling mark-to market opportunity along with existing durable cash flow, providing a variety of value-add strategies.”

The properties offer convenient access to Southern California’s robust freeway network and other vital nodes of transit such as Ontario International Airport, the Los Angeles & Long Beach Ports, and LAX International Airport (60 miles). Access to a deep labor pool and robust consumer population also makes the region a superior industrial location.

According to Cushman & Wakefield’s latest industrial market report, the Inland Empire West submarket had a vacancy rate of 5.4% in Q1 2024, representing the tightest submarket in the broader Inland Empire market. Additionally, IEW achieved nearly 1 million square feet of positive net absorption (occupancy growth) in the first quarter of 2024.

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Stater Bros. Charities and Reyes Coca-Cola Bottling Give Back to Military Families

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Stater Bros. Charities, the philanthropic arm of Stater Bros. Markets, partnered with Reyes Coca-Cola Bottling again this year for their Give Back program during National Military Appreciation Month. The program ran for the entire month of May, during which Reyes Coca-Cola Bottling committed to donating $0.25 per eligible product purchased to the Bob Hope USO. Reyes Coca-Cola Bottling donated $15,000, and Stater Bros. Charities matched their donation for a total contribution of $30,000.

A check presentation occurred during a K-EARTH 101 radiothon benefiting the Bob Hope USO. The radiothon took place at the Bob Hope USO at LAX (Los Angeles International Airport) on June 29, 2023, where Stater Bros. Charities and Reyes Coca-Cola Bottling presented Bob Hope USO with a $30,000 check.

Bob Hope USO’s mission is to strengthen America’s military service members by keeping them connected to family, home and country, throughout their service to the nation. The Give Back program is a unique opportunity to show gratitude and support to the brave men and women who risk their lives for our freedoms and to care for their families while they are away from home on deployment.

“Stater Bros. Markets has a long history of supporting veterans, service members, and their families,” said Danielle Oehlman, Director, Stater Bros. Charities. “We are so pleased to partner with our friends at Reyes Coca-Cola Bottling and the USO to give back to those who have given so much for us.”

Lorin Stewart, President, USO West Region, said, “We are deeply grateful to Stater Bros. Charities and Reyes Coca-Cola Bottling for being sustaining partners of the USO. The Give Back program embodies the essence of the USO mission by enabling the community at large to come together to support and give thanks to our armed forces and their brave military families in an impactful way.”

Funds will support the Bob Hope USO and USO San Diego Center operations, including programs and services that strengthen the social, mental, physical, and emotional well-being of local military service members, their families, and their communities.

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BDK Logistics Intelligence Fully Leases 114,190 SF Industrial Facility in Corona, CA

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Cushman & Wakefield represents landlord in lease in SoCal’s Inland Empire

Cushman & Wakefield announced that BDK Logistics Intelligence, Inc. has signed a lease for an entire 114,190-square-foot industrial facility at 1161 Olympic Drive in Corona, California. Situated in Southern California’s renowned Inland Empire, the building is owned by Monterey Rancho Mirage, LLC, which was represented by Brett Lockwood and Rick Ellison of Cushman & Wakefield in the transaction.

“We are pleased to welcome BDK to the property as a quality industrial tenant that is expanding its presence in the market, which it also currently occupies multiple warehouse facilities,” said Director Brett Lockwood. “Our client was instrumental in helping this deal transact as there were many variables that needed to be navigated which led to this lease coming together quickly and successfully.”

1161 Olympic Drive is a quality freestanding building situated on ±4.8 acres and features 20 dock high loading doors. The property is conveniently located off Interstate 15 near the confluence of SR 91 and is proximate to the extensive freeway network traversing the entire Greater Los Angeles region and into other major markets in and out of state.

According to Cushman & Wakefield’s latest Q2-2023 quarterly report, the Inland Empire industrial market posted an overall vacancy of 3.4% and has recorded more than 2.7 million square feet of positive net absorption through the first half of 2023.

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