All-Ways Pacific has subleased a space in La Mirada to new tenant Orange Courier Inc. in a deal worth $14.8 million.
The six-year sublease is for a 254,700-square-foot building.
The property is located at 15300 Desman Road and has high ceilings, 43 dock-high loading doors, one ground-level loading door and two secured yards.
Daum Commercial Real Estate Services’ Nate Ortega and Casey Mungo represented All-Ways Pacific in the sublease.
Orange Courier — a messenger, delivery, warehousing and distribution services company — is relocating from Orange County. The company was represented by Wade Tift from Jones Lang LaSalle Inc. in the transaction.
“Our client, a major shipping and logistics operation, was consolidating multiple locations into a single, larger facility,” Ortega said in a statement. “With several years left on their existing lease, they decided to sublease the property, and we were ultimately able to help them make a more seamless transition.”
In the second quarter, the mid-counties industrial submarket had a vacancy rate of 2.7%, making it one of the tightest industrial markets in L.A., according to Daum.
Mungo said Covid-19 made the sublease more difficult.
“While the sublessor had a rare facility in an ideal location, the market had come to a near standstill following the pandemic declaration,” Mungo said in a statement. “Many tenants have been taking (a) wait-and-see approach before making their next moves, if they are able. As a testament to our relationships in the market and the strength of this asset, we were able to consummate a deal with a sublessee who could see the larger picture.”
Industrial is expected to fare better than some other real estate product types during the Covid-19 pandemic as demand is high for delivery and some companies are looking at bigger warehouse spaces to save extra goods, experts say.
