January 19, 2022 9:00 AM
Newmark announces it has completed a 113,400-square-foot industrial lease with LA North Studios at the recently-constructed IAC Commerce Center in Valencia, California. Newmark Vice Chairman John DeGrinis, SIOR, Executive Managing Director Patrick DuRoss, SIOR and Senior Managing Director Jeff Abraham, SIOR were the sole brokers on the transaction, representing both LA North Studios and the landlord, IAC Properties.
“The IAC Commerce Center has met the insatiable demand for new Class A industrial space in greater Los Angeles, providing one million square feet of much-needed new space” said DeGrinis. “The only disappointment is that our job for this project is complete now that the project is 100% leased.”
Abraham added, “After successfully leasing Phase 2 of the project to several high-quality industrial tenants, we are pleased to bring LA North Studios to the Phase 3 building. This project has an incredible tenant mix, but the one industry missing was entertainment, which is a staple of the LA North market. We are thrilled that our last building was leased to a film studio / production company.”
LA North Studios is a full-service film studio providing sound stages, studios and production services to major film companies including Walt Disney Pictures, Warner Bros., Showtime, Netflix, Paramount, HBO Max and Universal. The company will lease the entire Building 8, located at 29051 Avenue Valley View, which will be their fourth location in the Santa Clarita Valley.
IAC Commerce Center is a brand new, one-million-square-foot industrial development consisting of seven state-of-the-art buildings on 116 acres. The buildings range in size from 93,735 square feet to 216,320 square feet. Major tenants at the development include Amazon, Lowe’s, Happy Returns by PayPal, Accurate Freight Systems and Covercraft.
Completing Phase 3 of the IAC Commerce Center, 29051 Avenue Valley View (Building 8) is a 113,400-square-foot industrial property that completed construction in December 2021. Building features include 30-foot clear height, 33 dock-high loading doors, 2 ground-level loading doors, ESFR sprinkler system, 156 parking spaces and approximately 1,704 square feet of office space with expansion opportunity.
The IAC Commerce Center offers proximity to the 5, 210, 405, 101, 170, 118, 126 and 14 Freeways, providing easy access to numerous logistics and transportation hubs. The property is just over 60 miles from the Ports of Los Angeles and Long Beach, 27 miles from Hollywood Burbank Airport, 43 miles from Los Angeles International Airport and 37 miles from Downtown Los Angeles. With 2.7 million highly educated and diverse workers within 30-minute drive time, the property is an ideal location for distribution, e-commerce, entertainment, warehousing, manufacturing, tech, aerospace or biotech tenants.
According to Newmark Research, the Los Angeles industrial market totals 1.05 billion square feet and has the second-lowest industrial vacancy rate in the U.S., at 1.1% as of year-end. Its vacancy rate has remained below 3.0% for 39 consecutive quarters. During the fourth quarter of 2021, quarterly net absorption totaled 2.9 million square feet, bringing the 2021 absorption total to 13.7 million square feet, the fourth-highest year on record.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
Dba Newmark Knight Frank in California