Facility Will Serve as Regional Distribution Center
REDLANDS, Calif. (Dec. 28, 2006) – Grubb & Ellis Company (NYSE: GBE), one of the leading providers of integrated real estate services, today announced that LAMPS PLUS, Inc., of Chatsworth, the nation’s leading specialty lighting company with over 47 retail stores throughout the West, has purchased a 784,000-square-foot industrial building in Redlands for a regional distribution facility. The transaction which is one of the largest single user transactions in 2006, was valued at $54 million.
The newly constructed building, a development of the Trammell Crow Company, is located at 9425 California Avenue in the California Palms Business Center. It is an expansion for LAMPS PLUS, which will be relocating from two buildings totaling 420,000 square feet in the City of Industry and one building totaling 150,000 square feet in Chatsworth. LAMPS PLUS is slated to occupy the new facility in January 2007. Lamps Plus will maintain its corporate headquarters in Chatsworth.
“We look forward to consolidating our warehousing operations, including our brisk Internet fulfillment center, under one roof”, says Dennis Swanson, founder and CEO of LAMPS PLUS. “The cost savings and efficiency will have a tremendous impact on every aspect of our company.” Jim Center of Grubb & Ellis’ San Gabriel Valley office and Ron Washle and Mark Kegans of the firm’s Ontario office represented the buyer in the transaction. Jim Koenig of CB Richard Ellis represented the seller.
For more information, contact Center at 562.364.2000 or Washle or Kegans at 909.605.1100.
Grubb & Ellis Company Grubb & Ellis Company is one of the world’s leading full-service commercial real estate organizations, providing a complete range of transaction, management and consulting services. By leveraging local expertise with our global reach, Grubb & Ellis offers innovative, customized solutions and seamless service to owners, corporate occupants and investors throughout the globe. For more information, visit the Company’s Web site at www.grubb-ellis.com.
LAMPS PLUS Established in 1976, LAMPS PLUS is the nation’s leading specialty lighting company, serving millions of customers each year in stores and online at LampsPlus.com. Headquartered in Southern California, LAMPS PLUS comprises 47 state-of-the-art showrooms, which carry the largest selection of home lighting and décor accessories along with a wide selection of ceiling fans. LampsPlus.com has been recognized for excellence many times, including being named by Internet Retailer magazine as one of the top 50 online retailing sites in the US, and being recognized as one of the top visited Home and Garden shopping sites by Alexa® (an Amazon Company).
Contact: Sharon Abar – Grubb & Ellis email@example.com, 714.939.6034 Joanna Aven – RFBinder for LAMPS PLUS joanna.aven@RFBinder.com, 781-455-8250