The South Bay’s industrial vacancy rate increased slightly in the fourth quarter, growing to 1.1 percent from 0.8 percent the prior quarter, and compared with 1.9 percent in the year-earlier period. Class A rents grew a fraction, hitting 77 cents a square foot compared with 74 cents in the third. More than 2 million square feet were sold or leased. There were 1.13 million square feet under construction.
Main Events
-DivcoWest sold Gateway El Segundo, a 355,000-square-foot office campus at 360 N. Sepulveda Blvd., to Lincoln Property Co. and Rockwood Capital for $120 million.
-Infineon Technologies renewed its lease for 134,000 square feet at 101 N. Sepulveda Blvd. in El Segundo, co-owned by Claymark Capital, AEW Capital Management, and Lincoln Property Co.
-Toyota Motor Sales USA Inc. sold its fixed-based operation in Long Beach, run by AirFlite Inc., to Ross Aviation for an undisclosed price.
