Storage Facility Sale Tops 325,000 SF of Deals

Greg Wells of Grubb & Ellis|BRE Commercial's Self Storage Group, who represented the seller, reports that the buyer acquired the project significantly below replacement cost and was able to assume the existing financing, carrying very attractive terms. The buyer was represented by Mark Avilla and Matty Sundberg, also of Grubb & Ellis|BRE Commercial.

In Ontario, Office Master Inc. signed a 63-month lease for 101,690 square feet of industrial space at 1110 S. Mildred Ave., according to Grubb & Ellis, which represented landlord Belmont & Grove Land Holdings LLC, a division of Panattoni Development Co. The Grubb & Ellis brokers representing the building ownership were SVPs Roger Rhoades and Milo Lipson, along with associate Michael Arens. Office Master was represented by CB Richard Ellis.

In Pomona, Equus Computer Systems Inc. signed a 30-month lease at 2805 Reservoir St. that will serve as its Western region headquarters for product assembly and distribution. Equus is subleasing the space from Olivet International, according to Grubb & Ellis SVP David Wu, who represented both parties in the deal. The 2805 Reservoir St. building is a 156,000-square-foot class A industrial warehouse with 12,000 square feet of corporate office space that is owned by Northwestern Mutual Life Insurance Co.

In Fontana, Inland Empire Moving and Storage signed a 65-month lease for 53,981 square feet at 13170 Marlay Ave. in a building that will serve as its headquarters. The property is owned by Marlay Partners LLC.

Marlay Partners was represented by Mark Kegans, Ron Washle and Milo Lipson of the Ontario office of Grubb & Ellis. Inland Empire Moving and Storage was represented by Jeff White and Michael Arens of Grubb & Ellis in Ontario.

Lipson notes that the ownership was never without a tenant in the space. "We were able to sign a cancellation agreement one month early with the previous tenant, who was not fully occupying the space. In these current market conditions, and with some properties sitting vacant for up to a year or more, the ownership knew they wanted to make this deal when it presented itself," Lipson adds. The lease brings the property's occupancy level to 100%.