Majestic Realty Co. recently signed Win.IT America Inc. to a long-term lease at its 290-acre Grand Crossing South master-planned business center in the City of Industry.
Win.IT, which also leases another, 240,500-square-foot building at the same property, signed a lease for a 606,480-square-foot speculative build at the center. Both Win.IT and Majestic Realty are based in City of Industry.
“Occupiers have delivered a timely and convincing response to the product and location of these buildings and the best-in-class amenities offered throughout our park,” Hank Darnell, senior vice president at Majestic Realty, said in a statement. “We’re seeing continued strong interest from a wide range of users looking to leverage these strengths for their in-market growth or relocation to our park.”
The business park offers a number of buildings and a 400,000–square-foot Four Corners retail component.
“Immediate and future growth opportunities are well within sight, including a 694,400-square-foot speculative building that is currently available, as well as five additional sites for build-to-suit or spec construction ranging from 145,000 square feet to as much as 695,000 square feet,” Kent Valley, Majestic’s executive vice president, said in a statement.
Cushman & Wakefield Inc.’s Robin Dodson and Chris Tolles represented Win.IT in the lease, as well as in its 2023 lease at the center.
In the third quarter, the San Gabriel Valley industrial submarket had a vacancy rate of 5.6%, up from 2.2% the same time one year prior, according to data from Jones Lang LaSalle Inc. During the quarter, asking rents were $1.51 a square foot on a triple net basis, down from $1.72 a square foot the year prior.
