Avison Young arranged a full-building lease renewal of a Class A 205,589-square-foot industrial facility at 100 Walnut Ave. in Perris on behalf of ownership. The tenant, GPA Logistics, has committed to a 65-month lease renewal, having occupied the property since its delivery.
Principal Cody Lerner and associate Kameron Graylee of Avison Young’s Inland Empire office represented the landlord, a fund managed by Ares Management. The tenant, GPA Logistics, was represented by Dillon Dummit of Savills. Ares Industrial Management manages the property.
The renewal comes as the Inland Empire East market is experiencing significant headwinds, including elevated vacancy rates, increased new supply and greater scrutiny on tenant credit and operational needs. “In today’s market, large-scale renewals like this are a major achievement,” said Lerner. “It reflects the quality of the asset, the strength of the Inland Empire East location and our team’s ability to deliver results amid more challenging conditions.”
The post Logistics Tenant Signs Full-Building Renewal in Perris appeared first on Connect CRE.
