FOOTHILL RANCH, CA (May 6, 2020)
– Today Stirling Capital Investments LLC announced the completion of three major lease transactions at Southern California Logistics Airport in Victorville, California. The transactions were completed with The Boeing Company, United Furniture Industries (UFI) and ComAv Asset Management, and highlight the meaningful operational, workforce, and expansion benefits to high-caliber companies locating at the regional business and logistics hub.
The Boeing Company signed a 66-month lease with Stirling for 60,396 square feet in the building located at 13644 George Avenue. The company will complete machine tooling work at the facility for its aircraft maintenance programs, relocating this business unit from its former site in Orange County to support existing Boeing operations at SCLA.
“Boeing is a long-term tenant with multiple operations within the overall project area at SCLA and we are now also thrilled to welcome the company and its workforce as a direct tenant in our Business Center,” says Stirling COO Brian Parno. “This lease will notably bring another influx in quality jobs to the local region and is a perfect example of our ability to provide corporate America with room to grow and to meet changing long-term space needs in several different platforms.”
Mark Kegans of Newmark Knight Frank represented the tenant and Anita Tuckerman, Stirling’s vice president of asset services completed the transaction directly for the landlord.
Additionally, Stirling announced the renewal of a lease for a 505,000-square-foot facility with United Furniture Industries (UFI) of Mississippi, a recognized national provider of bonded leather and upholstery fabric recliners, sofas, recliners, loveseats and sectionals. UFI began their manufacturing operations at this facility in 2011 and renewed their lease, effective November 2020, for an additional three years. UFI currently employs more than 300 full time workers at this facility, which serves as the company’s west coast base of operations.
Parno reports, “We have enjoyed a great long-term relationship with UFI which, as an SCLA tenant, has made tremendous contributions to the local High Desert economy by consistently growing their production and business over the years. With options to maintain their operations at SCLA through 2028, this renewal is a signal that this location continues to work optimally for their manufacturing and distribution.”
Finally, Stirling reports that it successfully negotiated terms with ComAv Asset Management for a six-year lease extension for the company’s corporate headquarters location at 18499 Phantom West, Suites 11-18. A solid anchor of the Business Center since its inception in 2009, the company provides aviation maintenance and asset management services. The firm’s business at SCLA has expanded significantly following the COVID-19 outbreak, with ComAv Asset Management now hosting and maintaining over 200 airplanes onsite.
This third lease transaction was negotiated by SCI directly with ComAv Asset Management’s ownership group.
“All of these leases demonstrate the phenomenal tenant retention we’ve experienced at SCLA,” says Anita Tuckerman. “With an eager local workforce, flexible solutions and significant room for tenants to expand operations within the park, our client base has been able to successfully position themselves for future growth and leverage the opportunities that the High Desert offers.”
About Stirling Capital Investments
Stirling Capital Investments is a joint venture between Stirling (www.stirlingdevelopment.com), a Foothill Ranch, Calif.-based strategic, full-service, value-added development company specializing in master-planned communities and major land renovations and San Francisco, Calif-based Prologis, Inc. (NYSE: PLD). 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. Prologis, Inc., is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of March 31, 2020, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 965 million square feet (90 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,500 customers principally across two major categories: business-to-business and retail/online fulfillment.