Shimano American Corp., the U.S.-based division of Japanese cycling and fishing equipment maker Shimano Inc., is looking to expand its domestic headquarters in Irvine, according to city records.
Plans have been filed with the city of Irvine to expand the warehouse portion of the company’s existing location in the Irvine Spectrum by 48,600 square feet, city filings show. A time frame for construction has not been disclosed.
The company’s existing building, located at 1 Holland, is owned by Shimano, according to property records. The building runs about 100,000 square feet and was built in 1985.
About 73,600 square feet of the existing building is listed as being warehouse space, according to CoStar Group Inc. data.
The 1 Holland property is near the intersection of Alton and Barranca parkways, close to the edge of the former El Toro Marine base. There’s an empty lot next to the existing Shimano building that would likely be the site of the expansion.
Shimano American makes electronic gear shifters for bikes, along with other bike parts and accessories like specialized biking shoes. Its Osaka, Japan-based parent company earned about $2.5 billion in sales in 2011, with about $300 million of that coming from its North American operations.
The project would be the second expansion-related industrial development seen in that part of the Spectrum in the past two years.
A 26,000-square-foot industrial building was recently built about a mile away for Irvine-based clothing retailer Tilly’s Inc., next to that company’s existing headquarters.
Fullerton Extension
WS Packaging Group Inc., a Green Bay, Wis.-based maker of label and packaging products, has inked a new long-term lease deal for a manufacturing facility it has in Fullerton.
The company recently completed a new lease for its location at 531 Airpark Drive, an 82,000-square-foot industrial building off Artesia Avenue near Fullerton Municipal Airport.
WS Packaging has been at the building since 2005; the new lease runs through 2027. The tenant occupies the entire building.
The property is owned by Century City-based Cohen Asset Management Inc., a private real estate investment firm that specializes in industrial properties. It bought the property last summer for a reported $6.7 million, or about $82 per square foot, according to brokerage data.
WS Packaging had an option to buy the building but assigned its ownership position to Cohen Asset as part of the long-term lease, according to brokers with the Irvine office of tenant brokerage Studley Inc., who worked on the lease with Chicago-based Corporate Real Estate Advisors.
The tenant “had already invested significant dollars in the building’s infrastructure. The transaction preserved that investment and secured our client’s tenancy in the building at below market rents, while delivering an asset that provides a good return on investment,” said Studley Corporate Managing Director Jeff Cannon, who worked on the deal with colleague Paul Jones and Brian Quick of Corporate Real Estate Advisors.
WS Packaging is one of the larger printing and label-converting operations in North America, with 19 locations. Its other location in California is in San Luis Obispo.
Stone Haven Sale
Irvine-based real estate investor CIP Real Estate has sold an office and industrial park it owned in Rancho Cucamonga for a little less than $10.8 million, and it is wrapping up sales at an office condominium project it has next door to that property.
The company’s Stone Haven Business Park, an 82,071-square-foot property that’s 95% leased to 17 tenants, was sold to an investor listed as Freeway Industrial Park LLC. The property sold for about $131 per square foot.
The property is in the central business district of Rancho Cucamonga. CIP bought the site in 2004, along with an adjacent 3-acre parcel, which was turned into a nine-building, 18-unit office condominium project, called Stone Haven Executive Park.
The final two unsold units at the condo project are close to being sold, according to CIP.
Voit Real Estate Services Inc.’s Mike Hefner and Carol Plowman, senior vice president of Lee & Associates Commercial Real Estate Services, represented CIP in the sale of Stone Haven Business Park. Mike Long, senior vice president of Lee & Associates, represented the buyer.
