Ontario, Calif. – Frank Geraci, Executive Vice President, Juan Gutierrez, Vice President, and Adam Geiger, Associate, of Voit Real Estate Services’ Inland Empire office successfully directed the five-year lease of a 244,947 square-foot industrial warehouse in Ontario, on behalf of the landlord, Shea Properties with a total consideration of approximately $8,000,000. The new occupant, Restoration Hardware, is relocating from another operation in the Inland Empire and was represented by Bart Pucci of Savills-Studley.
“Shea Center Ontario is one of the premier business parks in the Inland Empire,” according to Geraci. “We received interest from multiple parties and were able to successfully lease the property within 30 days of it becoming vacant.”
According to Voit’s 2nd quarter industrial market report, the Inland Empire market continues to experience record low vacancy rates and has nearly 18.6 million square feet of product under construction. This transaction demonstrates the growing demand for limited available space especially in highly desirable locations.
The property is located at 5200 Shea Center Drive in Ontario and is part of a five-building complex totaling more than 1.7 million square feet. The building features a 30-foot clear height, Cross-Dock configuration, ESFR Sprinkler System and is conveniently located adjacent to the I-15 and I-10 freeway interchange.
Voit Real Estate Services is a privately held, broker-owned Southern California commercial real estate firm that provides strategic property solutions tailored to clients’ needs. Throughout its 40+ year history, the firm has developed, managed and acquired more than 64 million square feet and completed more than $44.8 billion in brokerage transactions encompassing more than 43,000 brokerage deals. Voit’s unmatched expertise in Southern California brokerage, investment advisory, financial analysis, and market research enable the firm to provide clients with forward looking strategies that create value for a wide range of assets and portfolios.