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Cushman & Wakefield Arranges 1.1 Million-Square-Foot Lease Renewal in California's Inland Empire
Unilever Subsidiary Remains in Prologis-owned Logistics Facility
The tenant was represented in the three-year renewal by Jay Hruska, Sean Duffy, Tim D'Addabbo and Damon Bowers of Cushman & Wakefield in Connecticut;
"This renewal provided an opportunity for Conopco to solidify their rent structure for at least the next three years," said Belden. "The way the market is trending, in three years this will be seen as an advantageous agreement. We did look elsewhere at other options, but the company has occupied this building for nine years, looked at the high quality of the building and ownership, and decided to extend in place.
"The Inland Empire is probably the most dynamic industrial market in the U.S.," said Belden. "Especially in the category of big-box distribution space, it remains as active a market as you'll find. This transaction provided an opportunity for Conopco to lock in competitive rent with a terrific building ownership group."
Cushman & Wakefield, Inc.'s industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2011, in the US alone, this group completed more than 6,100 industrial real estate transactions - totaling 225 million square feet - with an aggregate value in excess of $6.5 billion.