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Friday, May 27, 2022

Two Large Industrial Leases Signed

Logistics companies have signed two large industrial leases recently in the greater L.A. market.
In the first, international freight-forwarding and logistics service company Pegasus Shipping Inc. secured warehouse space at the Watson Industrial Center in Carson.

The 61,462-square-foot facility at 1111 Watson Center Road is owned by Summa Properties. It has a large concrete yard, 17 dock-high loading positions, high ceilings and more than 8,000 square feet of office space.
The lease, which is for 61 months, has a value of nearly $7 million.

Klabin Co./CORFAC International’s David Prior represented Summa Properties in the lease. Davco Realty Advisors’ Dave Coe represented Pegasus Shipping.
“In a world of multiple offers driven by the highly competitive industrial market, we were able to collaborate with Dave Coe in a really positive manner to finalize this transaction,” Prior said in a statement. “The way that Dave advocated for his client made a huge difference in us selecting Pegasus Shipping for this highly sought-after property.”

For the second lease, Crane Worldwide Logistics signed a multi-year lease for a space at 2650 Commerce Way in Commerce.
The property is 124,980 square feet and has a fenced-in yard and 46 dock-high positions.
The Klabin Co.’s Nick Buss and Frank Schulz represented Crane Worldwide.

CBRE Group Inc.’s Jeff Stephens represented the landlord, G3 Realty Two.
“Vacancy rates for industrial space in the L.A. region remain at historic lows,” Buss said in a statement. “While buildings of this size are hard to come by, we were able to execute a lease agreement benefiting both the owner and Crane Worldwide Logistics which was looking to expand its operations without compromising service to its global customers.”

L.A.’s industrial market has grown increasingly tight. The vacancy during the first quarter was 0.6%, compared with 2.9% the previous year, according to Jones Lang LaSalle Inc.

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