Lee & Associates Central Coast Negotiates Long-Term Lease for California Electric Supply
SANTA MARIA, Calif.—November 14, 2016—The Central Coast offices of Lee & Associates, the largest broker-owned commercial real estate firm in North America, has negotiated a long-term industrial lease for California Electric Supply (CES).
Al Segal and Marty Indvik, who are principals in Lee & Associates’ Los Olivos and San Luis Obispo offices respectively, represented CES in negotiating the 10-year lease for 20,160 square feet of industrial space located at 715 S. Blosser Road, Santa Maria. Blosser Road LLC is the landlord. The transaction value was approximately $2 million.
“CES had been in the same location in Santa Maria for over 30 years and needed to expand,” said Al Segal, who had been working with CES to find a solution to their space needs. “With little or no existing inventory CES landed on a 20,600-square-foot build to suit right up the block from their previous location. It was perfect.”
While the eventual outcome was the successful lease of the property, the road to the closing involved client market education and the ability to be creative.
“Marty and I put together a development team on a 2-acre parcel on Blosser Road and deliver a brand new facility to CES within 12 months of approval for the City of Santa Maria,” said Segal, whose 40 years of development experience was a big factor in the successful negotiation of the lease.