Turner points out that multiple prospective tenants vied for the space in the Dyer road building, "despite the tough market conditions." He says the tenant interest in the space is "a good indication that the region has a shortage of quality buildings." Turner and Mike Hartel of Voit's Irvine office represented the landlord, 601 West Dyer Road LLC, in the $13.5 million Schnioda lease. The LLC bought the building from Los Angeles-based Rexford Industrial in November.

"It is very impressive that such a large amount of space was completely absorbed in such a short amount of time--in only 30 days post completion of the rehab--especially considering current market conditions," Turner observes. Turner and Hartel represented both 601 West Dyer Road LLC as the buyer and Rexford in the November sale, after which the new owners finished refurbishing the property. Schnioda Design Center, which was represented by Doug Shinoda of Ashwill and Associates, will use the entire building for wholesale distribution of silk flowers and accessory design products.

[IMGCAP(2)]In the Lake Forest lease, the city signed a renewal for its space at 25550 Commercentre Dr. in a $6.3-million deal that extends the city's lease until the year 2014. The space has served as the Lake Forest City Hall since 2003, notes John Harty of the Irvine office of Voit Commercial, who represented building owner Kennedy Associates Real Estate Counsel along with Mike Coppin of Voit's Irvine office.