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.

|

"This location has served Lake Forest well," Harty comments."The city has become accustomed to conducting business from thisbuilding, and its residents are familiar with the location." Thecity was represented by Brett Merz and Wayne Lamb of CresaPartners.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.