Industrial Park Landlord Switches Into High Gear

Is getting a new tenant to sign a lease worth a Mercedes-Benz? One industrial park landlord seems to think it was, when he offered that incentive to a new prospective tenant. In exchange for signing a lease for space in the Park Red Hill section of the Irvine Business Complex, in California, the tenant will have the use of a brand new 2010 Mercedes-Benz E Class Sedan during the term of the property lease.

“In my 31 years as a commercial real estate broker, I have never seen this type of promotion,” said John Rothwell, first vice president of Daum Commercial. “This is an uncertain market, with vacancies at almost three times the norm. And, the landlord offering the greatest value achieves occupancy first.”

Park Red Hill, which is centrally located in the business complex, has 8,850 available square feet that can be expanded to include the entire 19,900 square feet by the end of the year. The entrance lobby has been completely renovated. The building also features a fully equipped lunch room with kitchen appliances, conference room, and an adjacent warehouse area.