Turner points out that multiple prospective tenants vied for thespace in the Dyer road building, "despite the tough marketconditions." He says the tenant interest in the space is "a goodindication that the region has a shortage of quality buildings."Turner and Mike Hartel of Voit's Irvine office represented thelandlord, 601 West Dyer Road LLC, in the $13.5 million Schniodalease. The LLC bought the building from Los Angeles-based RexfordIndustrial in November.

"It is very impressive that such a large amount of space wascompletely absorbed in such a short amount of time--in only 30 dayspost completion of the rehab--especially considering current marketconditions," Turner observes. Turner and Hartel represented both601 West Dyer Road LLC as the buyer and Rexford in the Novembersale, after which the new owners finished refurbishing theproperty. Schnioda Design Center, which was represented by DougShinoda of Ashwill and Associates, will use the entire building forwholesale distribution of silk flowers and accessory designproducts.

[IMGCAP(2)]In the Lake Forest lease, the city signed a renewalfor its space at 25550 Commercentre Dr. in a $6.3-million deal thatextends the city's lease until the year 2014. The space has servedas the Lake Forest City Hall since 2003, notes John Harty of theIrvine office of Voit Commercial, who represented building ownerKennedy Associates Real Estate Counsel along with Mike Coppin ofVoit's Irvine office.