CORFAC News

Contact:
Jenn Quader/Judith Brower
Brower, Miller & Cole
(949) 955-7940
JQuader@browermillercole.com
 
Riverside, CA (September 18, 2012) – Voit Real Estate Services/CORFAC International’s Inland Empire office has completed a new 52-month, 85,000 square-foot industrial lease in the Meridian Business Park located at 14530 Innovation Drive in Riverside, Calif. The lessee, Spectra Premium, an auto parts distributor, plans to fully occupy the Class A industrial building for its West Coast distribution operations, according to Ryan Miller, an Associate in Voit’s Inland Empire office.

Miller represented Spectra Premium as the lessee in the transaction.  The lessor, GE Capital Real Estate, a premier commercial real estate company with $60 billion in assets globally, was represented by Walt Chenoweth, Frank Geraci, Juan Gutierrez and Patrick Wood of Voit’s Inland Empire office.

According to Miller, Spectra Premium, headquartered in Canada, was seeking a high-quality building that could accommodate its distribution needs in order to relocate its West Coast operations from Ontario, Calif. 

“Flight to quality is still underway in the Inland Empire,” says Miller.  “Our client had been leasing a distribution center in Ontario, and we were able to assist them in moving to this newer facility, while still taking advantage of the market’s competitive lease rates.”

Industrial lease rates will gradually increase over the next 12 to 24 months, Miller says, as the supply of industrial Class A inventory continues to decline.

“As lease rates increase, we will see further stability in the Inland Empire industrial market,” Miller adds.

About Voit Real Estate Services/CORFAC International
Voit Real Estate Services is now a 10 office commercial real estate firm that, through its brokerage and asset services professionals working together, provides strategic property solutions tailored to clients' needs.  Combining 40 years of expertise in brokerage, investment advisory, financial analysis, market research, asset management, tenant advisory and property management services, Voit provides clients with forward looking strategies that create value for their assets and portfolios.

Voit is a privately held, debt-free firm that has successfully navigated numerous market cycles since 1971 and currently employs more than 250 people. Voit has owned, developed and managed over 50 million square feet of commercial real estate, participated in $1.4 billion of construction projects and completed over $36 billion in brokerage transaction volume. Further information is available at www.voitco.com.