Performance Team Inks Leases for 549,000 SF

REDLANDS, CA-Performance Team, a national provider of distribution, transportation and supply chain logistics services, has signed a lease renewal for a 289,683-square-foot industrial building and a new lease for 259,572 square feet here.

Terms of the deals were not disclosed, but Frank Geraci of the Inland Empire office of Voit Real Estate Services said that a Voit team, working with Tres Reid of CB Richard Ellis, "negotiated a competitive rental rate for Performance Team’s existing lease, an endeavor that is more challenging now that the market is recovering.” In addition, the team "identified an industrial facility directly across the street with ample space for Performance Team’s expansion and locked in a competitive rate in that location, doubling the footprint of Performance Team’s presence in the Inland Empire,” Geraci said.

Performance renewed its existing lease at 1898 Marigold Ave. Its new lease is at 2290 Palmetto Ave. Besides Geraci, the Voit Inland Empire team that negotiated the deals included Walt Chenoweth, Patrick Wood and Juan Gutierrez. On the renewal, landlord Kensington Redlands No. 1 LLC represented itself. On the new five-year lease of the second facility, landlord Prologis of Ontario was represented by Tyson Chaves of Prologis.

The Redland industrial submarket accounts for nearly 16 million square feet of the 461-million-square-foot Inland Empire industrial market, according to the latest quarterly report by Voit. That report lists average asking lease rates of 26 cents triple-net in Redlands for all sizes of buildings combined, compared with an asking rate of 34 cents for the entire Inland Empire. The asking rate in Redlands for buildings in the size range of 200,000 to 349,999 square feet was 30 cents.