Philips Relocates To Larger Facility In Moreno Valley
23 Aug, 2007, Moreno Valley, CA
Globe Distribution Center signs first tenant for 229K square feet
Philips Consumer Electronics has signed a five-year lease for 229,840 square feet at 25300 Globe Street in Moreno Valley, California. Chuck Belden, Kyle Kehner and Timothy Pimentel from Cushman & Wakefield represented the landlord, Moreno Valley Industrial Partners, in the transaction valued in excess of $5.1 million. Phil Lombardo and Sean Austin from Cushman & Wakefield (with CBRE at the time of lease negotiations) represented the tenant.
Philips will occupy more than half of Globe Distribution Center, a new state-of-the-art logistics facility owned by IDS Real Estate Group. The remaining 172,700 square feet of premiere space remains available for lease.
Philips plans to occupy new space in September 2007 in a relocation from another Moreno Valley distribution facility, which is part of the March GlobalPoint logistics and distribution center.
Rob Fuelling, senior vice president of Los Angles-based IDS, said: “This significant transaction is consistent with IDS’s approach of securing premiere properties for our capital partners in strong growth submarkets.”
“As users move east, leasing activity in the Inland Empire East submarket will continue to grow. Vacancy rates will stabilize and overall absorption will increase,” says Belden, a senior director at Cushman & Wakefield’s Inland Empire office.
***Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 201 offices in 55 countries around the globe, and more than 12,000 professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, visit the firm’s Web site at www.cushmanwakefield.com.