SAN FERNANDO VALLEY, CA—Ricon Corp. is planningto move its headquarters offices from the current location inPanorama City, CA. The supplier of technology products for transitcompanies has signed an industrial lease withLiberty Property for a 65,347-square-foot propertylocated at 1135 Aviation Place in the San Fernando BusinessCenter.

Ricon Corp. chose to relocate to the new facility after movingsome of its heavy manufacturing operations to Mexico. The companyis vacating an approximately 200,000-square-foot facility at 7900Nelson Road in Panorama City. “They are still retaining 125employees in the location,” David Harding, SVP atCBRE, tells GlobeSt.com. “They were lookingthroughout the San Fernando Valley, through Santa Clarita Valleyand into Ventura County and the Semi-Valley market. They ultimatelydetermined they liked the quality of the building that theyultimately took, and certainly the proximity for their employeeswas an advantage as well.” Harding represented both the buyer andthe seller along with his CBRE colleagues Greg Geraci, MattDierckman and Billy Walk.

The lease is one of the largest industrial leases completed inthe San Fernando Valley in the past 12 months. Like many of theindustrial markets in Southern California, the Valley has a verylow vacancy level. Right now, we are at 1% plus,” says Harding.“The choices out there are limited for tenants, and it is an infillmarket and there are very limited opportunities for tenants.”