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Dermody Properties’ LogistiCenter in Irvine II to open this spring
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Hyundai America Technical Center has leased a 91,600-square-foot distribution warehouse that is about to open in Irvine.
The South Korea-based Hyundai Motor Group unit has taken over the logistics provider’s Irvine II industrial building at 2 Sterling, Los Angeles-based First Business reported.
Terms of the deal with Reno-based developer Dermody properties were revealed. Brokers Ross Bourne, Keith Black and Nick Spatafefore of CBRE represented Dermody in the lease.
The warehouse is expected to open in the coming months. It’s unclear when the automaker will do so.
The Class A warehouse occupies 4. 4 acres with 8,200 square feet of mezzanine offices, a see-through height of 36 feet, 11 dock-height doors, one ground-level door, 74 parking spaces and a truck bay.
The asset has a complex sprinkler formula and is awaiting LEED certification.
CBRE’s Bourne said the immediate lease of the LogistiCenter in Irvine II indicates strong demand for trendy business services at the venues.
A companion LogistiCenter at Irvine I contains a 133,300-square-foot industrial building at 4 Sterling, slated to be completed this fall, according to Dermody Properties’ website.
Irvine Spectrum’s commercial market had a 0. 7% gap at the end of last year, according to CBRE.
Hyundai America Technical Center, founded in 1986 in Ann Arbor, Michigan, is the North American research arm of Hyundai Motor Group, based in Seoul, according to its website.
— Dana Bartholomew