The massive Buena Park distribution building is a rarity in the area; usually more common in the Inland Empire
Los Angeles – CBRE announced it won the leasing assignment for a massive 1.1 million square-foot revamped industrial building in Buena Park in Greater Los Angeles and at the northwestern edge of Orange County.
CBRE’s Bret Quinlan, John Schumacher and Rick McGeagh are heading the leasing team on behalf of landlord CenterPoint Properties, an owner of state-of-the-art warehouse, distribution and manufacturing facilities. The team also includes national members of CBRE’s Ports and Integrated Logistics practice in New York and New Jersey, Atlanta, Dallas, Chicago, Seattle, Oakland and the Inland Empire. Their involvement ensures CenterPoint receives same-time information about market activity and national trends.
Located at 6800 Valley View in Buena Park, Calif., the massive industrial space is ideal for e-commerce companies with same-day delivery requirements, seeking a facility with close access to the ports as well as to Greater LA’s dense population base. CenterPoint is in the process of completing an extensive repositioning to upgrade the space, including installing a new ESFR Sprinkler system, adding truck positions, improving the large truck courts and delivering façade upgrades.
“This property is located in a prime market with no competitive buildings in the area,” said Quinlan. “Tenants usually need to go to the Inland Empire for properties of this size. This is a very rare opportunity.”
Added Bob Andrews, senior vice president, Western Region at CenterPoint, “The location is ideal, strategically situated between major LA and Orange County hubs. It puts a perspective user within 60 miles of 17.5 million people with an average household income of more than $99,000. There is also a large supply of nearby labor and proximity to the ports. This property is literally unbeatable for any companies looking for a prime strategic spot in the greater LA-Orange County area.”
The Greater Los Angeles industrial market showed impressive occupancy gains throughout 2018, according to a CBRE research report. Proximity to the numerous airports and ports continues to draw e-commerce, distributors and cargo-centered sea-and-air users to the region. Strong market fundamentals and limited supply kept the market favoring landlords and rents rising. It is expected that occupancy gains will be steady throughout 2019 and approximately 1.7 million square feet of positive net absorption are anticipated next year driven by port activity and online shopping.
Similar trends are prevalent in Orange County. The market continues to be tremendously tight in terms of available space and remained in the landlord’s favor with steady demand and a shrinking base, according to CBRE research. In 2019 gains in rental growth are expected to best the results in 2018.
Los Angeles – CBRE announced it won the leasing assignment for a massive 1.1 million square-foot revamped industrial building in Buena Park in Greater Los Angeles and at the northwestern edge of Orange County.
CBRE’s Bret Quinlan, John Schumacher and Rick McGeagh are heading the leasing team on behalf of landlord CenterPoint Properties, an owner of state-of-the-art warehouse, distribution and manufacturing facilities. The team also includes national members of CBRE’s Ports and Integrated Logistics practice in New York and New Jersey, Atlanta, Dallas, Chicago, Seattle, Oakland and the Inland Empire. Their involvement ensures CenterPoint receives same-time information about market activity and national trends.
Located at 6800 Valley View in Buena Park, Calif., the massive industrial space is ideal for e-commerce companies with same-day delivery requirements, seeking a facility with close access to the ports as well as to Greater LA’s dense population base. CenterPoint is in the process of completing an extensive repositioning to upgrade the space, including installing a new ESFR Sprinkler system, adding truck positions, improving the large truck courts and delivering façade upgrades.
“This property is located in a prime market with no competitive buildings in the area,” said Quinlan. “Tenants usually need to go to the Inland Empire for properties of this size. This is a very rare opportunity.”
Added Bob Andrews, senior vice president, Western Region at CenterPoint, “The location is ideal, strategically situated between major LA and Orange County hubs. It puts a perspective user within 60 miles of 17.5 million people with an average household income of more than $99,000. There is also a large supply of nearby labor and proximity to the ports. This property is literally unbeatable for any companies looking for a prime strategic spot in the greater LA-Orange County area.”
The Greater Los Angeles industrial market showed impressive occupancy gains throughout 2018, according to a CBRE research report. Proximity to the numerous airports and ports continues to draw e-commerce, distributors and cargo-centered sea-and-air users to the region. Strong market fundamentals and limited supply kept the market favoring landlords and rents rising. It is expected that occupancy gains will be steady throughout 2019 and approximately 1.7 million square feet of positive net absorption are anticipated next year driven by port activity and online shopping.
Similar trends are prevalent in Orange County. The market continues to be tremendously tight in terms of available space and remained in the landlord’s favor with steady demand and a shrinking base, according to CBRE research. In 2019 gains in rental growth are expected to best the results in 2018.
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.
