Modus Furniture International Signs 5 Year Lease Renewal
Colliers Negotiates 231,600 SF Inland Empire Deal Valued at $6 Million
Colliers International has successfully negotiated a five-year lease renewal for Los Angeles-headquartered Modus Furniture International, one of the leading commercial furniture manufacturers in the U.S., in a transaction valued at $6 million, officials have reported.
Located on a 12-acre site at 11751 Cabernet Dr. in Fontana, the building totals 231,600 square feet and is part of the 140-acre Vintage Park East Industrial Park, which includes 2.5 million square feet of industrial warehouses, according to Colliers Executive Vice President Kevin McKenna, who represented the landlord, Vintage Park East LLC.
Modus, which describes itself as the “nation’s leading innovator in the urban market” was represented by the Colliers team of Executive Vice Presidents Stephen Bellitti and Thomas Taylor, and Vice President Summer Coulter, all based in the Colliers’ Ontario office. In addition to its Fontana distribution center, the Modus operates showrooms in High Point, North Carolina and in Las Vegas.
Built in 2000, the property is located near a network of major truck transit routes including the San Bernardino (I-10), Pomona (SR-60), Moreno Valley (I-215), Ontario (I-15) and the Foothill (I-210) freeways. It also benefits from being near Ontario International Airport, a major hub for both UPS and FedEx and has direct access to the twin ports of Los Angeles and Long Beach. Corporate neighbors include Walmart, General Electric, Georgia Pacific, Macy’s and Home Depot.
“We are continuing to experience high renewal rates from our clients, especially since new development has not kept up with the continuing strong demand in the Inland Empire,” said McKenna.