By Staff Reports
10-year lease is valued at $17.5 million
(Victorville)– Stirling Capital Investments has secured a 10-year, $17.5 million lease for a 495,000-square-foot industrial property with M&M Mars, one of the world’s largest confectionary companies. The facility, located at 13133 Innovation Way in Victorville within Southern California Logistics Centre (SCLC), will serve as a warehousing and distribution center for the multibillion dollar firm.
“Many large, multinational companies are making a long-term commitment to SCLC and the Victor Valley,” said Brian Parno, chief operating officer of Stirling Development, the managing partner of Stirling Capital Investments. “This newly constructed distribution center provides the tenant with a strategic location and optimal flexibility to accommodate the distribution of its family of iconic products to retailers throughout the Southwestern United States.”
The company joins an extensive roster of multinational food and beverage companies at SCLC that includes Red Bull, Dr Pepper Snapple Group, Sparkletts®, ConAgra Foods and Plastipak.
John McMillan and Phil Lombardo of Cushman & Wakefield represented the lessee in the transaction. Stirling was represented by Jay Dick and Mark Latimer of CB Richard Ellis.
SCLC has witnessed a substantial increase in leasing activity in 2011, attributed to a stabilizing national economy and improving market conditions. Recent leases encompass approximately 600,000 square feet of industrial and office space to Sparkletts® Water, Embry-Riddle Aeronautical University and Red Bull.
SCLC is master planned for 60 million square feet of commercial and industrial development and is undergoing a 6.5 million-square-foot first phase. Approximately 3 million square feet has been constructed to date.
The SCLC on-site leasing office is located at 18499 Phantom Road, Suite 12, Victorville, CA 92394.
Global Access Victorville
Global Access Victorville, the former George Air Force Base in Victorville, Calif., is an 8,500-acre multimodal freight transportation hub supported by air, ground and rail connections. Global Access Victorville is comprised of Southern California Logistics Airport (SCLA), a 2,500-acre world-class air cargo and aviation facility; Southern California Logistics Centre (SCLC), a 2,500-acre commercial and industrial complex entitled for 60 million square feet of development; and Southern California Rail Complex (SCRC), a planned 3,500-acre intermodal and multimodal complex entailing rail-served facilities. Stirling and the City of Victorville have teamed up to redevelop the former George Air Force Base into Global Access Victorville, the largest fully-integrated commercial development in the region, which is anticipated to create more than 24,000 jobs and support another 18,500 jobs in the surrounding area. Global Access Victorville offers 24-hour, seven-day-a-week operations with onsite U.S. Customs. It has been designated a Foreign Trade Zone and a Local Agency Military Base Recovery Act Zone by the federal government. It has two intercontinental runways and can accommodate all current-flying commercial and military aircraft with 24-hour, seven-day-a-week air tower operations and emergency response capabilities comparable to that of the world’s largest airports. For more information, visit www.globalaccessvictorville.com.
About Stirling Capital Investments
Stirling Capital Investments is a joint venture between Stirling, a Foothill Ranch, Calif.-based strategic, full-service, value-added development company specializing in master-planned communities and major developments and Denver, Colo.-based DCT Industrial Trust Inc. (NYSE: DCT), a leading industrial real estate investment trust. Stirling is led by partners Dougall Agan and Chris Downey, who have been responsible for more than $3 billion in development activity on large-scale land development projects in Los Angeles, Orange, San Bernardino and San Diego counties. DCT Industrial Trust Inc., is a leading real estate company specializing in the ownership, acquisition, development and management of bulk distribution and light industrial properties located in 25 of the highest volume distribution markets in the U.S. as well as Mexico.