1211 Miller Street, Anaheim

Address:  1211 Miller Street, Anaheim

Description:  200,646 sq. ft. single-tenant industrial building

Seller:  Targus, Inc.

Buyer:  TIAA-CREF

Assignment:  Negotiate a lease renewal on behalf of the Lessor to maintain the occupancy of a class A distribution facility amongst the availability of multiple competing properties in the immediate vicinity.

Result:  The Team secured an additional five-year lease for the Lessor that commenced at the expiration of the original lease term, as opposed to a “blend and extend” lease concept. This was a very favorable outcome for the Lessor since it retained the tenant at a higher rent amount until the middle of 2014, when the new five-year lease term would take effect. The rental rate achieved was also comparable, if not superior, to the property’s most competitive neighboring properties, which are all brand-new facilities.

Total Value of the Transaction:  $7,181,439