Newmark Grubb Knight Frank (NGKF) has completed a 63-month, 306,286-square-foot industrial lease with Custom Companies, Inc. located at 13012 Molette in Santa Fe Springs, Calif. The lease is valued at $13.7 million.
Custom Companies, which provides airfreight and truck shipments to and from all points in the US, Canada and Mexico, will be relocating from Carson, Calif. where the firm previously occupied 70,000 square feet in two buildings. The company will use the space for its warehouse, distribution, outside trailer storage and general office needs.
Wesley Hunnicutt and Matthew Moore of NGKF represented the tenant in the transaction. The owner, Oltmans Real Estate Company, was represented by Eric Knirk of Fremont Associates.
Over the past several years, Custom Companies has seen a strong amount of growth and engaged the NGKF team to lead them through a rapid process to identify, negotiate and secure a new facility over a span of just 60 days.
“There were few options to choose from given the 4 percent industrial market vacancy and a 2 percent vacancy for buildings greater than 200,000 square feet in the Los Angeles region,” said Hunnicutt. “We identified this ideal property and negotiated a favorable lease on behalf of my client as it offered a strategic location near major transportation corridors; met building feature requirements; and offered outside storage for 80-plus containers.”
Hunnicutt added that the space was vacant for just three months prior to signing the lease. It was previously leased by Shaw Carpets, which had occupied the building for over 10 years.
Hunnicutt and Moore exclusively represent occupants of industrial real estate in Southern California and have completed in excess of 1.8 million square feet of industrial leases over the last 12 months.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.