Bedrosians Leases 500k sf To Ricoh
4 Aug, 2006, Orange County
In one of the largest leases to be completed in Orange County in the past few years, Ricoh Development has signed a three-year renewal and expansion to occupy the 500,562-square-foot building at 1123 Warner Avenue in Tustin, CA. Ricoh’s previous lease for half of this space is due to expire at the end of 2006. Jeff Chiate and Rick Ellison from Cushman & Wakefield’s Orange County office represented Bedrosians Tile & Stone, the landlord, in the transaction valued at around $10 million. Dave Desper from CB Richard Ellis represented Ricoh Development.
Bedrosians Tile & Stone, one of the largest ceramic tile and stone importers and distributors in the United States, has already started its relocation to 1515 Winston Road in Anaheim. The 375,000-square-foot warehouse facility was acquired by the firm in 2005 for $24 million - a transaction brokered by C&W’s Chiate and Ellison.
1123 Warner is part of Steelcase Inc.’s former Tustin campus. The building was purchased by Larry Bedrosian in 2003 and has served until recently as one of the biggest distribution hubs for Bedrosians.
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