BEAUMONT, CA--(Marketwire - Jan 8, 2013) - CT Realty Investors (www.ctrinvestors.com) has started construction on a 600,000-square-foot dock-high distribution building in Beaumont, Calif., for ICON Health & Fitness Inc. The building is situated on 30.18 acres owned by CT Realty at 630 Nicholas Rd. in Beaumont and sits adjacent to two other buildings owned by CT totaling 572,143 square feet on 26.32 acres. When the ICON building is completed, the CT project will total 1,172,143 square feet on 56.5 acres.
The new building is being constructed specifically for the use of ICON, which will occupy the building in October 2013 as a distribution center. ICON, owner of NordicTrack, Pro-Form, Weider, Healthrider and other major fitness brands, is headquartered in Logan, Utah, and currently operates a 400,000-square-foot distribution facility in Redlands, Calif., and a 600,000-square-foot distribution building in Savannah, Ga. The Beaumont building will feature 91 dock-high truck doors, 32-foot clear height, ESFR sprinklers and other amenities.
CT and ICON executed an eight-year lease for the property in a transaction valued at more than $16 million. KPRS Construction Services Inc. of Brea, Calif., built the first two buildings and was selected as the general contractor for the ICON building with Bank of America participating as construction lender.
With nearly 2,000 employees and multiple locations around the globe, ICON Health & Fitness is the largest developer, manufacturer and marketer of fitness equipment in the world. The company has been the innovation leader in the fitness industry since 1977. ICON's "first in fitness" mission has resulted in state-of-the-art equipment for more than three decades, and no other company provides a more complete range of products. ICON's entry into the health and fitness industry began with the manufacturing of trampolines and as they studied the exercise and fitness market, they were able to take advantage of the tremendous growth that occurred in the 1980s. The company's entry into the fitness market proved to be timely as the product line expanded to include treadmills, exercise bikes, rowing machines, and home gyms under multiple brand names.
With sales in excess of $1 billion per year and growing rapidly, ICON will provide an economic opportunity for this submarket of Riverside County. The new facility is expected to produce 140 new jobs for the surrounding area.
ICON Health & Fitness was represented by Grant Ross from CB Richard Ellis's Ontario, Calif., office. CT Realty represented itself in the transaction and will serve as developer and construction manager.
Since its establishment in 1994, CT Realty Investors of Aliso Viejo, Calif., has completed more than 200 transactions with value in excess of $2.5 billion through a series of 12 independent discretionary private equity real estate funds and several separate accounts, and continues to invest in institutional quality industrial properties, debt instruments and multi-family properties in the southwestern United States. The focus of CT Realty's investment activities is to acquire well-located assets in major markets with the potential to enhance their value through a solid, hands-on management approach. For further information, contact Carter Ewing at CT Realty Investors at (949) 330-5777 or go to ctrealtyinvestors.com.
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