Kent Valley of Majestic tells GlobeSt.com that Steelcase signed a 10-year lease for the facility, which is a move to a more modern and more efficient building from the former Steelcase operation in Tustin, CA. Terms of the lease were not disclosed, but the asking rate is 32 cents to 35 cents per sf per month, triple net.
Valley and Hank Darnell, also of Majestic, represented the developer in the transaction. Steelcase was represented by Frank Geraci, Walt Chenoweth and Tom West of CB Richard Ellis Inc.
Valley tells GlobeSt.com that Steelcase occupies 450,000 sf of a 750,000-sf building. He notes that the privately held Majestic has developed approximately 1.2 million sf at the Grand Crossing park, with all but 325,000 sf of it leased.
"We hope to start on development of another 400,000 square feet within about 60 to 90 days," Valley says. Grand Crossing is a 400-acre business park that will be built in six phases and will feature 25 buildings comprising 6.4 million sf of industrial space and 200,000 sf of big-box retail at build-out.
Steelcase formerly was in 900,000 sf in an owned building in Tustin. Valley says the new facility is equipped to manufacture a variety of office furniture and includes one of the industry's most modern powder-coat paint operations. Mark Baker, a Steelcase vice president, said the move enabled the company to streamline both manufacturing and distribution.
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