Los Angeles - CBRE announced that Soho Logistics signed a 168,913-square foot lease at Nelson Business Park in City of Industry, CA for $11.2 million.
CBRE’s Cannon Chang, Jason Chao, Case Dahlen and Lynn Knox represented the tenant, a local, diverse distribution logistics company with accounts that range from apparel to foods.
Located at 14736 Nelson Ave., the 168,913 square-foot industrial space is part of Nelson Business Park in City of Industry, CA. The property features a high ceiling clearance of 32’, fully fenced and secured yard, ESFR sprinkler system and ample dock positions. The building sits roughly two miles from three major California freeways—the 10, 60, and 605.
“This tenant was caught in a time crunch to be fully operational,” said Chang. “Given this strict timeline, our team had to be extremely swift and seamless in navigating such a complex deal. We were able to mitigate the obstacles to meet the time demands of our client and are extremely pleased that this deal ended up working so well for both parties.”
The Greater Los Angeles industrial market began 2018 with impressive occupancy gains, 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 sq. ft. of positive net absorption are anticipated next year driven by port activity and online shopping.
CBRE’s Cannon Chang, Jason Chao, Case Dahlen and Lynn Knox represented the tenant, a local, diverse distribution logistics company with accounts that range from apparel to foods.
Located at 14736 Nelson Ave., the 168,913 square-foot industrial space is part of Nelson Business Park in City of Industry, CA. The property features a high ceiling clearance of 32’, fully fenced and secured yard, ESFR sprinkler system and ample dock positions. The building sits roughly two miles from three major California freeways—the 10, 60, and 605.
“This tenant was caught in a time crunch to be fully operational,” said Chang. “Given this strict timeline, our team had to be extremely swift and seamless in navigating such a complex deal. We were able to mitigate the obstacles to meet the time demands of our client and are extremely pleased that this deal ended up working so well for both parties.”
The Greater Los Angeles industrial market began 2018 with impressive occupancy gains, 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 sq. ft. of positive net absorption are anticipated next year driven by port activity and online shopping.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 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 Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 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.
