Industrial, Retail Users Lease 377,000 SF

"Given today's troubled economy, many occupiers are opting to outsource their real estate and logistical needs to third party providers as a cost-savings measure, as well as to reduce real estate-related risk related to fluctuating inventory levels," De La Paz observes. As a result of this trend, third-party logistics firms "are definitely viewed as a bright spot in the otherwise challenged industrial market," De La Paz adds.

In the retail lease in Riverside, Ross Dress for Less has signed a 10-year lease for 30,312 square feet at Riverside Towne Center, a 53,484-square-foot center owned by Santa Monica-based Watt Commercial Properties. The clothing retailer, which is expected to open the store in May, will fill space vacated by Circuit City after that retailer filed bankruptcy last year.

Watt Commercial was represented by Wilson Commercial Real Estate, which began looking for a replacement tenant after Circuit City declared bankruptcy and vacated the space in November of 2008, according to Watt. The 10-year lease includes four five-year options. "This is a significant lease signing, and we envision more good news to come at other Watt centers in Southern California," comments WCRE president Chris Wilson.

Riverside Towne Center is located at the intersection of Magnolia Avenue and Tyler Street and is currently anchored by Big 5 Sporting Goods. Ross Dress for Less, based in the Northern California city of San Bruno, has 922 stores across the country.