REDLANDS, CA-Continental Tire North America hasrenewed its industrial lease at 27223Pioneer Ave. here with Prologis, covering24 months and 497,714 square feet. The global manufacturer anddistributor of performance tires has fully occupied this industrialproperty, which is close to the I-10, I-210 and I-215 freeways,since 2009 and will continue to use it for its North Americanoperations.

“This renewal is an example of how important it is to beforward-thinking in our industry,” said FrankGeraci, an EVP in Voit’s Inland Empireoffice, in a prepared statement. Voit represented the tenant in theoriginal lease transaction as well as the renewal, while Prologisrepresented itself. “We anticipated that the Inland Empireindustrial market would improve. With this in mind, we proactivelynegotiated a renewal option for our client, giving them anopportunity to extend their lease under pre-negotiated terms.”

According to Geraci, the market has improved as expected, withthe inventory of large industrial buildings in the Inland Empirecontinuing to decline rapidly as rental rates progressivelyincrease. “As we examined the current market, we advised our clientto take advantage of the renewal option, locking in below-marketrates for an additional two years.”