ORANGE, CA—Tom McAllister with CBRE has completed 10 industrial lease transactions within a 30-day period, totaling more than 200,000 square feet of space. The transactions were valued at approximately $8 million in aggregate consideration and included a wide range of companies at properties in Southern California, Colorado and Virginia.
One of the transactions was a 56,000-square-foot lease at 12350-60 Edison Way, Garden Grove, CA, for Expo 3 International, a custom-exhibit manufacturer. The tenant extended its lease by five years with landlord Bixby Land, which represented itself in the transaction, while McAllister represented Expo 3.
Also, McAllister and Ben Seybold of CBRE represented Shaxon Industries in a new seven-year lease for 54,571 square feet at 4850 E. La Palma in Anaheim, CA, with landlord Ajax La Palma Investors, while Seybold and CBRE’s Sean Ward represented the landlord. Shaxon, a company that specializes in the manufacturing an distribution of products for the data and telephone-communications industry, will consolidate from two buildings in Anaheim and move into the new, state-of-the-art building once construction is completed in July.
Also, AVL Powertrain, a major independent company for development, simulation and testing technology of powertrains for passenger cars, trucks and large engines, signed a five-year extension to remain at Whittle Investors‘ 25111 Artic Ocean in Lake Forest, CA. McAllister represented the landlord, while CRESA represented the tenant.
In addition, McAllister reports additional transactions were recently completed. He represented the tenant Labyrinth Group in a three-year, 8,800-square-foot lease located at 2713 North Town Ave. in Pomona, CA. He also completed four transactions in Virginia and Colorado on behalf of the tenant, ValleyCrest Landscape Maintenance Inc., a large landscape-maintenance company. Details of these transactions remain undisclosed.
McAllister also represented the landlord and tenant in a two-year, 11,000-square-foot renewal lease at 13345 Estelle St. in Corona, CA. Solar Service Center leased the space from the Padilla Family Trust. In addition, he represented ownership interests of AEW in an undisclosed transaction in Corona.
During his 35-year career, McAllister has closed more than 1,700 sale or lease transactions totaling $468 million in consideration. GlobeSt.com was unable to reach McAllister before deadline to discuss trends in industrial leasing, but we will continue to update as more information becomes available.
In other CBRE news, as GlobeSt.com reported last week, the firm’s global chairman of research Raymond Torto has announced that he will retire from the firm on July 31, 2014. He has worked for the firm for over 30 years previously serving as a senior member of CBRE’s research team and as its global chief economist.