Los Angeles – CBRE announced it facilitated a 305,422 square-foot industrial lease in Santa Fe Springs, Calif. to an electrical parts distribution company.
Rick McGeagh, Josh Bonwell, Bret Quinlan and John Schumacher of CBRE represented the landlord, Link Industrial Properties, the U.S. industrial real estate operating platform of Blackstone based in New York City. The tenant, WESCO Distribution, Inc., a multinational electrical parts distribution and service company, was represented by Mark Yankello and Jeff Kernochan of Fischer & Company.
The free-standing facility is situated on 13.3 acres and located at 9306 Sorensen Avenue. Building features include 2012 construction, a fully fenced yard and truck court, 55 dock-high doors, 32-foot ceiling clearance and ESFR fire sprinklers. The property is in proximity to the Los Angeles and Long Beach ports and Los Angeles International Airport.
“We are extremely pleased with the outcome of our marketing efforts on this assignment,” said McGeagh. “It is truly a win-win situation as Link Industrial Properties was rewarded with an outstanding long-term major credit tenant, and WESCO will be able to move into a Class A property in a strategically located in-fill location.”
Tenants continued to lease space in the Greater Los Angeles area in spite of ever higher rental rates and increasing operating expenses, according to CBRE’s third-quarter report. Average asking lease rates reached a new record high of $0.91 per square foot at the end of the quarter. Lease rates were driven upwards by 9.8 percent year over year due to a lack of significant available space and solid demand from a diverse mix of tenants. Rents are expected to continue to increase throughout the year, albeit at a more moderate pace.
Rick McGeagh, Josh Bonwell, Bret Quinlan and John Schumacher of CBRE represented the landlord, Link Industrial Properties, the U.S. industrial real estate operating platform of Blackstone based in New York City. The tenant, WESCO Distribution, Inc., a multinational electrical parts distribution and service company, was represented by Mark Yankello and Jeff Kernochan of Fischer & Company.
The free-standing facility is situated on 13.3 acres and located at 9306 Sorensen Avenue. Building features include 2012 construction, a fully fenced yard and truck court, 55 dock-high doors, 32-foot ceiling clearance and ESFR fire sprinklers. The property is in proximity to the Los Angeles and Long Beach ports and Los Angeles International Airport.
“We are extremely pleased with the outcome of our marketing efforts on this assignment,” said McGeagh. “It is truly a win-win situation as Link Industrial Properties was rewarded with an outstanding long-term major credit tenant, and WESCO will be able to move into a Class A property in a strategically located in-fill location.”
Tenants continued to lease space in the Greater Los Angeles area in spite of ever higher rental rates and increasing operating expenses, according to CBRE’s third-quarter report. Average asking lease rates reached a new record high of $0.91 per square foot at the end of the quarter. Lease rates were driven upwards by 9.8 percent year over year due to a lack of significant available space and solid demand from a diverse mix of tenants. Rents are expected to continue to increase throughout the year, albeit at a more moderate pace.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
