A spokeswoman for the publicly traded company tells GlobeSt.com that the existing lease and 292,000-sf expansion pact were rolled into a six-year lease that replaces one set to expire in December 2005. PepsiCo will share 735 Trinity Blvd. with Lagasse Inc., a New Orleans-based supplier of janitorial and sanitary cleaning products that occupies 105,000 sf. Right next door at 730 Trinity Blvd. is PepsiCo's 451,000-sf, build-to-suit, which houses the Quaker Oats division.
The San Francisco-based Catellus developed the five buildings in the past five years. Three structures were leased to APL Logistics, but one, a 300,000-sf block, recently went back into the developer's hands, industrial sources in town tell GlobeSt.com.
Catellus won't disclose the quoted rate. But, comps show that the 292,000 sf had been marketed last year for $3.15 per sf triple net.
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