Trigild Honored For Nearly $100 Million Lease Negotiation
San Diego based firm Recognized for "Office Transaction of the Year".
- San Diego, CA (1888PressRelease) February 07, 2013 - Earning kudos from the Inland Empire chapter of North America's most prestigious commercial real estate organization, San Diego-based Trigild has been awarded NAIOP's REXIE award for "Office Transaction of the Year," after negotiating a nearly $100 million, 207,307-square-foot lease for Inland Empire Health Plans (IEHP) in the Atrium at Empire Lakes office complex in Rancho Cucamonga, Calif.
The award was one of nine presented by the Inland Empire Chapter of NAIOP, the commercial real estate development association, at its recent Real Estate Excellence Inland Empire awards luncheon at the Hilton Ontario Airport.
Trigild, a real estate firm specializing in property management, receivership/bankruptcy and consulting services, took over the Atrium property as receiver in April 2012 and began lease negotiations with IEHP shortly thereafter. It was represented in the transaction by the law firm of Allen Matkins, with Phil Woodford for CBRE, serving as broker. Josh Gorin from Studley worked as the broker on behalf of IEHP. Torchlight Investors was the special servicer.
IEHP, serving more than 575,000 residents of Riverside and San Bernardino counties, will occupy nearly half of the 392,702-square-foot Atrium building, located at 10801 6th Ave. when it relocates from San Bernardino to Rancho Cucamonga later this year. Bringing more than 700 employees to the region, IHEP will be the largest employer in Rancho Cucamonga.
According to Trigild president and CEO Bill Hoffman, when Trigild was named receiver, the two-story office complex was only 42 percent occupied. "Now it is approaching full occupancy," he said, noting the other tenants include State Farm, Parsons Construction and Chicago Title. "With our knowledge of the commercial marketplace, we were able to find a strong, high profile tenant and expedite the transaction to meet their needs."
In presenting the award, NAIOP leaders recognized the complexity of the transaction, as well as the creativity and speed with which it was completed. The parties inked a deal in just three weeks - instead of the six months normally required negotiating a lease of this type, Hoffman noted. The lease is also particularly important, as it will generate jobs and more quality tenants for the area.
The REXIE awards ceremony benefitted the Boys & Girls Clubs of San Bernardino.
About Trigild
Headquartered in San Diego with offices throughout the country, Trigild has more than 37 years of property management, receivership/bankruptcy and consulting expertise, with a focus on managing and maximizing value for assets in an array of industries, including commercial real estate, multifamily, hospitality and more. Since its inception, Trigild has developed a full service national operating platform providing institutional quality services to private real estate investors and financial institutions. For information, visit www.trigild.com.
About NAIOP Inland Empire:
NAIOP Inland Empire is a regional chapter of the national commercial real estate development association, covering both Riverside and San Bernardino counties. The organization supports local real estate and economic development activity by providing networking activities, business development opportunities, educational programs, charitable programs, government affairs representation and legislative resources. For more information visit www.NAIOPIE.org.
Media Contact: Sydnie Moore (619) 823-8448 moore2com ( @ ) gmail dot com
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