Printing, Fulfillment Firm Inks 103,000-SF Lease

IRVINE, CA-The Dot Printer has signed a six-year lease for a 103,380-square-foot industrial building at 2525 Pullman St. in the Irvine Business Complex, according to Sares-Regis Group, which represented the tenant in the lease with owner Kilroy Realty Group, a Los Angeles-based REIT. The Dot Printer specializes in lithography, fulfillment and distribution services in three major West Coast markets.

Because of a long-term relationship with the Dot Printer, Sares-Regis Group acted on the tenant’s behalf, according to Michael Wood, director of leasing with Sares-Regis Group’s commercial property services division. The lease is valued at approximately $3 million for the six-year term.

Wood notes that the Dot Printer is relocating and expanding operations from two smaller, local facilities that total 80,000 square feet. Kilroy Realty was represented by senior vice presidents Tim Joyce and Wade Tift of the Newport Beach office of Grubb & Ellis Co.

The 103,380-square-foot deal is among the larger deals signed lately in Orange County, where the industrial market industrial vacancy rate increased to 6.5% during the third quarter, up 30 basis points from the second quarter, according to the latest market report from Grubb & Ellis. Although the industrial market has weakened as a result of the recession, industry observers not that it remains stronger than the county’s office market, which has been among the hardest-hit in the country. So far in 2009, the industrial market has recorded more than thre million square feet of negative absorption, according to the Grubb & Ellis third-quarter report.