By james art Fletcher Jones Management Group has leased a 136,000-square-foot warehouse and office building in Irvine.
The Las Vegas-based owner of the largest collection of Mercedes-Benz dealerships in the U.S. will occupy the new Irvine Commerce Center building at 18582 Teller Avenue, the Orange County Business Journal reported.
The building on Jamboree Road near Newport Beach was developed based on speculation earlier this year by Illinois-based Ares Industrial Management. Terms of the lease were not disclosed.
Fletcher leased the building “as a pre-delivery inspection for vehicle sales”. Preparation will include detailing and photography of the vehicle as well as an inspection. Up to 125 vehicles will be processed each day at the warehouse, according to the Business Journal.
The owner of 16 MB, Audi, Porsche and Toyota dealerships in three states will renovate the building with 19,600 square feet of offices, 47,500 square feet of vehicle repair and 69,600 square feet of warehousing, distribution and storage.
Fletcher Jones operates his flagship Mercedes-Benz dealership a few blocks away at Jamboree Road and MacArthur Boulevard, in Newport Beach.
In March of last year, Fletcher Jones paid $48.6 million to buy Carson Toyota, Auto Row’s largest dealership in Carson. In Southern California, Fletcher Jones also owns Mercedes-Benz of Ontario, Audi Beverly Hills and Porsche Long Beach.
Ares Industrial Management, an alternative investment manager founded in 1997, manages $447 billion in assets, including $68 billion in real estate, according to its website, with 35 offices worldwide.
— Dana Bartholomew
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