Newbury Park bike maker Giant Bicycle Inc. has signed a lease to nearly double the size of the space it takes in Los Angeles, and will move to La Mirada from Cerritos in November.

The company signed a five-year lease late last month, valued at roughly $8 million according to real estate sources, for a 203,000-square-foot industrial building at 15500 Phoebe Ave. to serve as its West Coast distribution center.

The company previously took 106,000 square feet at 13140 Midway Place, where it has been since 2011. It sought a larger warehouse space because sales have increased, and hastened the deal when it saw how few of the right size were available, said Luke McDaniel of Jones Lang LaSalle Inc., who represented the tenant along with Cameron Driscoll.

The landlord, Oltmans Real Estate Services, was represented by INCO Commercial Brokerage.