Westcore Properties Signs Skechers USA to occupy 366,700-SF Industrial Building in Moreno Valley
Moreno Valley, CA (January 29, 2018) –After purchasing the property in August, Westcore Properties signed Skechers USA, Inc. to occupy its entire 366,700-square-foot industrial building, located at 22705 Newhope St. in Moreno Valley, California. The three-year lease is valued at $5.57 million.
Having reached capacity at its nearby warehouse property, Skechers chose to expand to the Newhope St. property due to the building’s size, proximity, immediate availability and Moreno Valley address.
“The City of Moreno Valley is extremely helpful,” said Hack Adams, senior vice president at Westcore Properties. “They assisted us in getting Skechers immediate access to the building. We believe the city’s proactive and business friendly nature as well as its concierge approach to doing business is one of the main reasons why Skechers wanted to stay within the City of Moreno Valley.”
Westcore made cosmetic improvements to the property late last year. The warehouse building features 32-foot minimum clear height, 48 dock-high doors, ESFR sprinklers, three percent vented skylights, 3,000 amps of available power and 2,000-square-feet of existing office. The all-concrete site includes 52 trailer parking spaces, a 180-foot secured truck court, perimeter fencing and a secure, gated entry.
Car charging stations, roof-mounted solar panels and drought-tolerant landscaping helped qualify the building for a LEED rating.
“Westcore’s ability to quickly perform the tenant improvements Skechers wanted was essential for getting this transaction executed,” said Darla Longo, vice chairman at CBRE.
Longo and Joey Sugar of CBRE represented Skechers in the transaction, while Gerry Harvey of CBRE and Dave Burback of Kidder Matthews represented Westcore.
About Westcore Properties
Westcore Properties is a global, entrepreneurial commercial real estate investment firm with a specialized focus in Western United States commercial and industrial properties. Since its founding in 2000, Westcore Properties and its affiliates have acquired and managed more than $4 billion in industrial and office assets, comprised of more than 750 buildings and totaling over 45 million square feet. In addition to its U.S. headquarters in San Diego, Westcore Properties has regional offices in Los Angeles; Oakland; Sacramento; and Denver, as well as satellite offices in London, England; and Lausanne and Geneva, Switzerland.