Furniture Seller Renews 268,528-SF Lease

NEWARK, CA-Coaster Company of America has renewed a 268,528-sf lease here for its Coasters Office Furniture division, according to Lee & Associates, which represented the company in its lease negotiation. The Sante Fe Springs, CA-based furniture importer signed on for an additional two years at 6753 Mowry Ave., a building within the ProLogis-owned Mowry Business Park in Newark.

The lease is valued at roughly $2.9 million, which works out to approximately $0.45 per sf per month. Tim Cronin and Craig Hagglund of Lee & Associates represented Coaster. Prologis was represented in house. Hagglund could not be reached for additional comment on the transaction.

Last month in Newark, Daystar Technologies, a Santa Clara, CA-based publicly traded company catering to the solar power industry has signed a 10-year lease for 140,000 sf of manufacturing space at Pacific Research Center. The 1.4 million-sf, 10-building former Sun Microsystems campus is being converted for use as a multi-tenant research campus by publicly held BioMed Realty Trust.

DayStar’s lease was for the only manufacturing building on the property, a 200,000-sf warehouse for which the asking lease rate was $1 per sf, triple net. DayStar has not yet filed any lease details with the SEC. One of the listing brokers on the deal, Gregg Domanico of GVA Kidder Mathews, tells GlobeSt.com that DayStar negotiated into the deal a one-year expansion right for the rest of the building. “I fully expect them to expand into it,” he says.