The building at 18400 Gale Ave. is owned by Oltmans Investment Co. and a trust.
Kander Pacific Inc.’s Jim Wang represented the tenant in the transaction. Lee & Associates’ Peter Bacci, Michael Tsaparian and JP Gormly represented the landlord.
DNA Motor signed a five-year lease for the site, which will start Jan. 1. Base rent is nearly $122,000 a month, and the deal includes one month of free rent along with annual rental increases.
Bacci said DNA Motor already occupies a property in the area but was “looking for a little bit larger building, and they chose this building.”
The landlord initially marketed the site to two tenants before deciding upon a single tenant.
The building’s owner demolished an exterior metal shed and is doing some additional work before DNA Motor moves in.
Bacci said the property has offices as well as a large yard to store trucks and trailers.
It is also located near the freeway, which he said was desirable to DNA Motor.
The property attracted a lot of interest, according to Bacci.
“Especially in that market, it’s being driven by Chinese logistics companies. Every single offer we had was a Chinese logistics company,” he said. “It’s a very hot market.”
Bacci added that industrial real estate was “just on fire right now for anything that has any kind of clear height.”
Nearly 5.6 million square feet of industrial product sold or leased in the San Gabriel Valley in the third quarter, compared with 3.8 million square feet the quarter before, according to data from Jones Lang LaSalle Inc.
Asking rent for industrial product in that area was 83 cents a square foot. Bacci said the area's lower price compared to markets such as the South Bay make it desirable.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Industrial Lease Is Set in Pico Rivera
- Covid Softened Downtown Office Market in 2020
- Duke Realty Buys City of Industry Site for $51 Million
- FNS Signs $36 Million Lease in Carson
- Rexford Buys Industrial Portfolio for $130 Million
- Motorcycle Parts Maker Signs Big Lease in Cerritos
- Commercial Landlords Offer Perks to Tenants but Keep Asking Rents High
- West Harbor Capital Is Determined to Grow Its Industrial Portfolio