Transaction ranks among top five industrial leases in LA County
NEW YORK; LOS ANGELES – Clarion Partners, LLC and leasing agent CBRE Group, Inc. today announced that United Parcel Service (UPS) has signed a 10-year, 521,816 sf lease at The Brickyard in Compton, CA. The transaction ranks as one of the top five industrial leases ever signed in Los Angeles County based on total lease consideration.“We are thrilled to welcome UPS as a tenant in our exciting new project, The Brickyard,” said Ryan Collins, Vice President and Asset Manager at Clarion Partners. “Los Angeles County is one of the top industrial markets in the United States and we anticipate that this strategically-located, 1-million square foot industrial development will bring hundreds of new jobs into Compton.”
Clarion and Trammell Crow transformed the 58-acre site, a former brick manufacturing facility, into a state-of-the art industrial facility. The project caters to the ever-increasing need for same-day logistics through its proximity to the second-largest population center in the U.S. The site is just south of downtown L.A., east of Los Angeles International Airport and north of the nation’s two biggest ports. Due to its unique position of being almost exactly the geographical center of Los Angeles County, Compton is commonly referred to as the “Hub City.” Jones Lang LaSalle represented UPS in the transaction.
“The Brickyard’s design and the quality of product is something you’d typically find in the Inland Empire but instead we placed it in the middle of infill Los Angeles,” said Bret Quinlan, Executive Vice President and Co-Leader of the CBRE Ports & Integrated Logistics Practice and leasing agent for the project. “The response to this quality space and proximity to the large population base has been very strong.”
He added “The importance of meeting customers’ demands for speedy delivery is greater than ever. That is putting much higher demands on the functionality of industrial real estate and is driving occupiers closer to population centers.”
About Clarion Partners, LLC
Clarion Partners, an SEC registered investment adviser, FCA authorized manager and FINRA member firm, has been a leading U.S. real estate investment manager for more than 34 years. Headquartered in New York, the firm has offices in Atlanta, Boston,Dallas, London, Los Angeles, São Paulo, Seattle and Washington, DC. With more than $42 billion in total assets under management, Clarion Partners offers a broad range of
real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors. More information about the firm is available at www.clarionpartners.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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
Disclaimer
Some information contained herein is derived from selected third party sources believed by Clarion Partners to be reliable, but no representation or warranty is made regarding its accuracy or completeness. Opinions and forecasts expressed reflect the current judgment of Clarion Partners’ Investment Research Group and may change without notice. Nothing herein constitutes an offer or solicitation of any product or service to any person or in any jurisdiction where such offer or solicitation is not authorized or is prohibited by law. Past performance is not necessarily indicative of future results.
