CERRITOS, CA-Memorex Products Inc. has signed a 10-year lease for 21,480 sf at Torrance-based Transpacific Development Co.'s new building at 17777 Center Court Dr. in the Cerritos Towne Center, according to Thomas G. Irish, president of Transpacific.
Memorex, currently located in Santa Fe Springs, plans to relocate the corporate headquarters in September. Financial terms of the transaction were not disclosed, but the asking rate for the class A space in the seven-month-old building is $2.25 per sf per month, gross.
Memorex will occupy the top floor of the 165,000-sf, eight-story building. The move will represent an expansion and a consolidation for the company, which occupies offices in several locations in Santa Fe Springs. Michael Golacinski, president and CEO of Memorex, points out that the company is remaining in the Mid-Cities market despite the address change. He notes the firm has been in the Mid-Cities area for many years and that many of its workers live close to the area.
Golacinski says some other factors that drove the decision, besides the building itself, were nearby amenities such as restaurants, retail services and the Cerritos Center for the Performing Arts. In addition, he says, several of the largest retailers that carry Memorex products–Wal-Mart, Best Buy and OfficeMax–are located in Cerritos Towne Center.
Transpacific was represented in the Memorex lease by Rick Warner and Andrew White from CB Richard Ellis Inc.'s office in Anaheim. Memorex was represented by Craig DeMiranda from the Irvine office of Trammell Crow Co., along with Rob Antrobius and Mike Foley, both in Trammell Crow's City of Commerce office.
The office lease is one of a number of deals that Memorex has closed lately. Antrobius, who has represented Memorex on industrial deals for the past seven years, tells GlobeSt.com that he and Mike McCrary of Colliers Seeley in Ontario represented the electronics firm in filling its Inland Empire warehouse requirements in Ontario, where Memorex recently signed for 112,000 sf. Memorex also took 125,000 sf in Memphis, with Antrobius and Frank Quinn of Trammell Crow in Memphis representing the firm.
The new Memorex headquarters is the latest in a series of Cerritos developments by Transpacific Development Co., a real estate development, investment and management firm with offices in California and Hawaii. It was founded in 1954 by Shurl Curci and has developed nearly 10 million sf of office, industrial and retail properties throughout the western US. In recent years, TDC has acquired more than 1.8 million sf of California properties, with a value of more than $225 million, and manages a portfolio in excess of three million sf.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
