New tenant, Sunshine Metals, Inc., is relocating from Orange County
CORONA, Calif. – New tenant, Sunshine Metals, Inc., is relocating from Orange County to Corona California. DAUM Commercial Real Estate Services has directed an 8-year lease of a 68,395 square-foot freestanding industrial warehouse in Corona, California, on behalf of the lessor, according to Chris Migliori, an Executive Vice President at DAUM’s Orange County office.
The property features 10,655 square feet of high-quality office space, six dock-high loading doors, 2,000 amps of power, and a fully installed high pile racking system, a showroom, and 1,000 square feet of bonus mezzanine.
The building is located on a 157,250 square-foot lot at 1228 Sherborn Street in Corona, California. The total consideration of the lease is approximately $4 million.
Migliori notes that DAUM closed this lease transaction on behalf of its Client, Excel Business Park, LLC, within 60 days of escrow closing on the acquisition of the building, shortly following the completion of renovations to the property.
“We represented the owner in acquiring the asset as an investment property,” says Migliori. “After purchasing the building, our Client strategically implemented interior and exterior upgrades throughout the property, enhancing its appeal and making it better-suited to the distribution needs of supply and warehousing users.”
“The new tenant is relocating from a previous Fullerton, California location and was drawn to the building’s upgraded amenities, as well as the easy access throughout Southern California and to the Ports of Los Angeles and Long Beach that the Inland Empire provides, at rates 20-to-30 percent lower than Orange County,” continues Migliori.
The building is located within close proximity to the I-15 and State Route 91, allowing ease of access throughout the region.
“While the Inland Empire region saw 12 million square feet of completed construction in 2017, and has just under 20 million square feet currently in the pipeline, buildings of this size available for lease remain rare,” explains Migliori. “This led to high demand for this asset from smaller industrial users seeking a facility to suit their unique needs. Based on our extensive experience and work in the region’s industrial sector, we were able to critically evaluate potential tenants to quickly identify a strong lessee, Sunshine Metals, Inc., a supplier of specialty metals for the aerospace and defense industries.”
Cameron Driscoll and Luke McDaniel of JLL represented Sunshine Metals, Inc. as the lessee in this transaction.
About DAUM Commercial
DAUM Commercial is a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales and property management. Founded in 1904, DAUM focuses on longstanding client relationships and draws upon its century-long track record to deliver steadfast insights and proven results to clients throughout the U.S.
DAUM has ten offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.
