DAUM Commercial Real Estate Services, a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales, and property management, has completed the lease of a 2.2-acre industrial property with a 54,648 square-foot freestanding Class A logistics facility in Montebello, Calif. The total consideration for the building’s five-year lease was $6 million.

“The industrial market in Los Angeles County seems to be slowly coming out of the doldrums caused by wider economic challenges, and this transaction demonstrates the current opportunity for industrial owners. The lessee is setting up its first ‘last mile’ distribution center in the U.S., with the expectation of adding more across the country. With vacancies at multi-year highs, growing companies with expansion plans are prime targets for in-fill leases at well-located properties like this one,” comments Dennis Sandoval, Executive Vice President and Principal at DAUM Commercial.

According to DAUM Research, Q4 2023 saw a continued increase in industrial vacancies across the Los Angeles County market. Though leasing activity fell by nearly 24 percent in Q4, per-square-foot rents remained stable at around $1.61. One silver lining, new development is decelerating. However, there are still 5.3 million square feet of industrial space under construction in the county.

The property, at 1215 East Washington Blvd. in Montebello in central Los Angeles County, is perfect for last mile distribution. 1215 East Washington sits within 10 miles of nearly 3 million Southern California residents. The property has nearly an acre of yard space for outdoor storage with 68 parking spaces and a small office space. The warehouse has a clear height of 22 feet with two drive 10’x14’ drive in slots and four loading docks. The building has a new roof and esthetic improvements have been made to the exterior.

Dennis Sandoval represented the lessor, a Toronto, Canada-based real estate investor and long-term DAUM client, in the transaction. The lessee was represented by Kun Li of Harvest Realty.

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 11 offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.