A 193,469 square foot La-Z-Boy manufacturing facility located at 301 Tennessee Street in Redlands, California has sold for $11,500,000. The buyer was ACC BLD LLC, an entity of ESRI, an international supplier of geographic information system software, was represented by Kidder Mathews commercial real estate broker, Mark Lyon, in the transaction.
La-Z-Boy is moving its operations out of the area and its production to other North American facilities. ESRI is expanding its presence in the Redlands area. They plan to use a portion of the building for a few years while leasing the remaining space, and eventually occupy the entire building.
“This was a value-add transaction with an aggressive purchase price for this region where manufacturing facilities such as this have been in low demand compared to generic warehouses,” said Lyon.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 800 real estate professionals and staff in 22 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9 billion in transactions, manages over 70 million square feet of space, and conducts over 1,600 appraisals annually. For more information, visit kidder.com.