TUSTIN, CA-The Paragon Luggage company has signed a lease for 56,100 sf in an industrial property developed by Investment Building Group of Newport Beach, bringing the 114,500-sf warehouse and office building to 100% occupancy. Marc Berg, VP of Investment Building Group, tells GlobeSt.com that IBG completed the property in August on a six-acre site that formerly was part of a large Steelcase facility that has since been redeveloped.
The building will serve as Paragon's headquarters, a showroom and a distribution center. Berg explains that the development site for the 114,500-sf building formerly was the parking lot for the Steelcase facility, which has since been converted into other uses by development firms that acquired the property several years ago.
Investment Building Group's building is at 1111 Bell Ave. The property is located in the Irvine Business Complex, two blocks from the Tustin Legacy (former Marine Corps Air Station) and four miles from John Wayne Airport.
In addition to industrial space, the building features 2,800 sf of offices and other space, plus 5,200 sf of mezzanine for future office expansion. Paragon Luggage, which signed a long-term deal with Investment Building Group, is one of the largest independent manufacturers of luggage in the world. It is the parent company of Andiamo Luggage, Pathfinder Luggage, Pinnacle and Kirkland Signature.
Berg represented Investment Building Group in the lease with Paragon, which was represented by Dave Desper of CB Richard Ellis in Newport Beach. IBG has developed more than 10 million sf of industrial buildings in the last 25 years, including projects in Riverside and San Bernardino.
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