DAUM COMMERCIAL HELPS DEVELOPER SECURE MULTINATIONAL RETAIL TENANT FOR BRAND NEW 112,000 SQUARE-FOOT INDUSTRIAL BUILDING IN LOS ANGELES COUNTY
DAUM Commercial Real Estate Services has completed the lease of a brand new, state-of-the-art industrial facility totaling more than 112,000 square feet in the supply-constrained Rancho Dominguez submarket of Los Angeles County, California, on behalf of the developer and landlord, a partnership between Panattoni Development Company and M. Payne Investments.
The tenant, a multinational retail company, signed a nearly 11-year lease to occupy the entire property, according to DAUM Executive Vice President Anthony Bergeman, who represented the lessor alongside Resource One Real Estate and Development’s Joe Carroll.
“The South Bay area of Los Angeles County remains in high demand among industrial users due to its close proximity to major thoroughfares, providing convenient access throughout the entire L.A. Metro and greater Southern California region,” explains Bergeman, who notes that the tight Rancho Dominguez submarket is currently seeing vacancies hovering just above 2%. “While development opportunities are scarce, our Client was able to strategically bring a well-appointed distribution facility to market based on their deep connections and expertise. By leveraging our long-standing relationships and demonstrating the best-in-class status of this property, we were able to secure a premium price from a high-quality tenant within just XX days of completing construction.”
According to Bergeman, the retail company will utilize the facility for last-mile delivery of essential products.
Mark Payne, a Partner at Panattoni Development, adds: “We fitted this well-located distribution facility with the ideal amenities to serve today’s distribution needs, ultimately attracting a top-class tenant whose parent company is experiencing a historically high stock price, well-positioning them for successful operations at this location for several years to come.”
The property offers immediate access to the 110, 105, 405, and 91 freeways and close proximity to LAX and the Ports of Los Angeles and Long Beach.
Building features include 19 dock-high doors, three grade-level doors, a 184-foot truck court, 32-foot clear height, 3,600 square feet of modern creative office space, 20 extra trailer parking stalls, an ESFR sprinkler system, drive-through capabilities, and major frontage on three streets.
The property is located at 15100 South San Pedro Street in West Rancho Dominguez, California. The lessee in this lease transaction was represented by Ryan Sawyer and Chris Sheehan of Colliers International.
About DAUM Commercial
DAUM Commercial Real Estate Services is a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales and property management. Founded in 1904, DAUM focuses on longstanding client relationships and draws upon its century-long track record to deliver steadfast insights and proven results to clients across the U.S. DAUM has ten offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.