TUSTIN, CA-Ricoh Development, parent company of Ricoh Electronics, has signed one of the largest leases in Orange County this year, a $10-million deal for 500,625 sf of space at 1123 Warner Ave. Bedrosians Tile & Stone owns the asset.
The three-year commitment for the space was negotiated by Jeff Chiate and Rick Ellison from Cushman & Wakefield's Orange County office on behalf of Bedrosians, with Dave Desper from CB Richard Ellis representing Ricoh Development.
Chiate tells GlobeSt.com that Fresno-based Bedrosians Tile & Stone, one of the largest ceramic tile and stone importers and distributors in the US, occupied about half of the 1123 Warner building before leasing the entire building to Ricoh. Ricoh was already occupying half of the 500,000 sf before signing the deal to take the entire building.
Bedrosians has already started its relocation out of the 1123 Warner building and into a 375,000-sf warehouse at 1515 Winston Rd. in Anaheim. Bedrosians bought the 375,000-sf warehouse at 1515 Winston for $24 million in 2005 in a transaction brokered by Chiate and Ellison. The tile company, besides occupying about 400,000 sf of space in Orange County, is the owner of about one million sf.
The 1123 Warner Ave. building is part of the former Tustin campus of Steelcase Inc. Bedrosians bought the site from Voit Development Co. in 2003 in one of the largest purchases of an Orange County building by an owner-user in about 15 years. The 1123 Warner Ave. building, fronting the Newport Costa Mesa (55) Freeway, was originally part of a one-million-sf former Steelcase facility that Voit bought in March of 2003 and outfitted for sale to Bedrosians in a deal in which Chiate and Ellison represented Bedrosians.
In addition to turning the former Steelcase building at 1123 Warner into a warehouse and selling it to Bedrosians, Voit Development converted the other half of the former Steelcase facility into a 19-building, 266,865-sf industrial project called Tustin Gateway Business Park. All 19 of the buildings have since been sold.
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