RIVERSIDE, CA-Safco, a Minneapolis-based maker of office supplies including chairs, storage units and computer accessories, has acquired a 190,000-sf distribution building at Majestic Realty Co.'s Majestic Business Center in the Meridian Business Park, according to CB Richard Ellis. The newly built facility, at 14605 Innovation Dr., will serve as a West Coast distribution center for Safco and is one of two buildings that compose the Majestic Business Center.

A team from CBRE including EVP Frank Geraci, SVPs Walt Chenoweth and Art Day, and first VP Dan de la Paz co-represented Majestic in the sale, alongside Majestic Realty internal brokers Marc Burns and Kevin McCarthy. The buyer was represented by Mark Keegans of Grubb & Ellis.

The Majestic Business Center occupies land that Majestic bought last year from LNR Property Corp., the master developer of Meridian. Majestic began construction on the project in the fourth quarter of last year, and both buildings were committed at the completion of construction. Walgreens occupies the first building, which is 225,000 sf.

Chenoweth notes that with much of the first phase of Meridian's lot sale program completed, "There is a significant amount of construction happening and speculative development buildings are getting committed very quickly." CBRE expects the level of demand to continue throughout 2007, he adds.