Hyundai America Leases 92K sf Warehouse in Irvine

Hyundai America Technical Center has leased a 91,600-square-foot distribution warehouse about to open in Irvine.

The unit of South Korea-based Hyundai Motor Group pre-leased the industrial building at the LogistiCenter at Irvine II at 2 Sterling, Los Angeles Business First reported.

Terms of the deal with developer Dermody Properties, based in Reno, were not disclosed. Brokers Ross Bourne, Keith Black and Nick Spatafore of CBRE represented Dermody in the lease.

The warehouse is expected to open in the next couple of months. It’s not clear when the automaker would move in.

The Class A warehouse sits on 4.4 acres with 8,200 square feet of mezzanine offices, 36-foot clear height, 11 dock-high doors, one ground-level door, 74 parking stalls and a truck court.

The property has an advanced fire sprinkler system and awaits LEED certification.

Bourne of CBRE said the quick leasing of LogistiCenter at Irvine II points to strong demand for modern industrial facilities in prime locations.

A companion LogistiCenter at Irvine I contains a 133,300-square-foot industrial building at 4 Sterling, slated to be completed this fall, according to Dermody Properties’ website.

The Irvine Spectrum industrial market had a vacancy of 0.7 percent at the end of last year, according to CBRE.

Hyundai America Technical Center, founded in 1986 in Ann Arbor, Michigan, is the North American research arm of Hyundai Motor Group, based in Seoul, according to its website.

— Dana Bartholomew