IFCO Systems N.A.’s Reusable Container Company subsidiary has signed a lease renewal for a 100,876 square foot location in Rancho Cucamonga, California, according to Globest.com. The deal was pegged at 60 months for approximately $1.7 million.
IFCO was represented by Voit Real Estate Services in the transaction.
“We anticipated that rental rates were going to increase, so we began negotiating with the landlord more than a year before the lease was set to expire in order to solidify a favorable deal for our client,” said Frank Geraci, executive vice president of Voit’s Inland Empire office. “The Inland Empire industrial market is continuing to improve with ongoing positive absorption and declining vacancy rates, and this transaction is an example of Voit’s ability to leverage the direction of the market in order to produce a positive outcome for our clients.”
DCT Industrial of Newport Beach, CA, the lessor, represented itself in the transaction for the property, located at 8950 Rochester Ave. near the 15 Freeway in the heart of Rancho Cucamonga, CA.