Two Leases Signed at Salt Creek Industrial Center in Eastlake

Cushman & Wakefield and Heritage Real Estate Advisors Team To Retain Full Occupancy

CHULA VISTA, CALIF. - The San Diego office of Cushman & Wakefield along with San Diego-based Heritage Real Estate Advisors, announce that two leases totaling $2,720,160 and 107,104 square feet have been signed at Salt Creek Industrial Center in the Eastlake community of Chula Vista, Calif. (91914).

"Tenants continue to recognize the Eastlake community as a high-end business market location," said Charlie Adolphe, director and industrial market specialist with Cushman & Wakefield. "The recent wave of transactions completed at Salt Creek is a testament to what we're seeing in the market today. There's an uptick in optimism and in general most are interested in stepping away from the sidelines and getting back to growing their business."

The two new leases involve a nearly $2 million commitment by TAP Automotive Holdings, and a nearly $800,000 lease by the Gonzalez brothers - Adrian Gonzalez, of the San Diego Padres, and Edgar Gonzalez, of the Yomiuri Giants of the Japanese Baseball League - who are both well-known Eastlake natives. The brothers will use the space for a new sports community center to benefit area youth and families.

According to Adolphe, his team has a long-standing relationship with Heritage Real Estate Advisors and together they have partnered on numerous major transactions including those involving Salt Creek Industrial Center to ensure the property maintains its fully-leased status.

Adolphe and Bryan Teel, an associate also with Cushman & Wakefield, currently oversee more than 1,000,000 square feet of multi-tenant industrial space, all of which is located in South County. Heritage Real Estate Advisors, a full-service real estate service provider, delivers services such as real estate management, brokerage, advisory services, development & construction management, and corporate & facilities management. Heritage currently provides these services on over 1.5 million square feet throughout the western United States. In the South County their portfolio includes other projects such as Otay Lakes Medical Center, Venture Commerce Center - EastLake and Village Walk Medical Arts.

Salt Creek Industrial Center is a two-building, 190,000-square-foot multi-tenant industrial center. Prior to its construction in 2000, principals at Heritage Real Estate Advisors assisted the owner, the Adaya Family Trust, with locating the land and negotiating the acquisition. Since that time, the company has worked on the project's design, development, leasing and real estate management.

"Our team, with Mark Hoekstra at the helm and in partnership with our Cushman & Wakefield leasing group, achieved full lease-up of Salt Creek Industrial Center within nine months of its completion," said Travis Jaedtke, asset manager with Heritage Real Estate Advisors. "Heritage Real Estate Advisors has continued to create an atmosphere where tenants want to do business. Salt Creek's premier South County location, stable ownership and responsive real estate management team account for its successful track record."

In each of the following transactions, Charlie Adolphe and Bryan Teel of Cushman & Wakefield and Travis Jaedtke of Heritage Real Estate Advisors represented the owner/landlord, Adaya Asset Boswell East and West.

TAP Automotive Holdings, dba Explorer Pro Comp, signed a five-year, $1,927,428 lease renewal for 78,350 square feet of industrial space in Salt Creek Industrial Center at 2360 Boswell Rd., Suite 400, Chula Vista, Calif. (91911). The company has been located at the center since its completion in 2000. The lessee represented itself.

Gonzalez Sports Academy has signed a five-year, $792,732 lease for 28,754 square feet of industrial space in Salt Creek Industrial Center at 2390 Boswell Rd., Suite 400, Chula Vista, Calif. (91914). The lessee was represented by Dan Malcolm of Lee and Associates. Gonzalez Sports Academy is set to open in May of 2010.

Additional tenants of the center include W&O Supply and South Bay Family YMCA.

About Cushman and Wakefield
Cushman & Wakefield is the world's largest privately-held commercial real estate services firm. Founded in 1917, it has 231 offices in 58 countries and more than 13,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within five primary disciplines: Transaction Services, including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investment management, investment banking, debt and equity financing; Client Solutions, including integrated real estate strategies for large corporations and property owners, Consulting Services, including business and real estate consulting; and Valuation & Advisory Services, including appraisals, highest and best use analysis, dispute resolution and litigation support, along with specialized expertise in various industry sectors. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwakefield.com.

About Heritage Real Estate Advisors
San Diego-based Heritage Real Estate Advisors specializes in diverse commercial real estate services throughout the Western United States. The company is committed to innovative real estate solutions, exceeding client expectations and outperforming the current marketplace through the provision of real estate management, brokerage, advisory, development management, construction management and corporate services. Heritage has extensive market knowledge, a loyal staff, deep-rooted industry relationships and perfected real estate strategies that deliver results. It also maintains a culture that demonstrates a deep community commitment through charitable contributions and volunteerism.