Newmark announced it has negotiated a 155,680-square-foot industrial lease at 28820 Chase Place at IAC Commerce Center, which includes two adjacent lots totaling 23 acres, planned to be used as parking for the warehouse employees.
The undisclosed tenant plans to use this location as a regional distribution center, which is set to open in July 2020. The facility features 32 dock high positions, 30-foot ceilings, one ground-level loading door, heavy power and abundant parking.
Newmark’s Executive Managing Director John DeGrinis and Senior Managing Directors Jeff Abraham and Patrick DuRoss represented the landlord, IAC Properties. The tenant was represented by an outside firm.
“E-commerce continues to be a major driver of economic activity, as consumers shift more purchases online,” DeGrinis explains. “IAC’s strategic location within the submarket and unmatched dock high loading provides excellent access to those consumers. The tenant was also looking for adjacent land to accommodate a high parking requirement, which can be nearly impossible to find elsewhere in infill Los Angeles.”
DuRoss added, “These last-mile distribution centers are a critical component to the e-commerce machine with consumers demanding shorter delivery times for their online purchases. Additionally, we are excited to see the many jobs this will bring for the surrounding area.”
“IAC Commerce Center continues to support job growth in the Santa Clarita Valley,” said Holly Schroeder, President & CEO of Santa Clarita Valley Economic Development Corporation. “Our proximity to Los Angeles makes it ideal for e-commerce, which is a major growth sector in the economy right now. We welcome the jobs and services the new tenant will provide.”
IAC Commerce Center totals 116 acres and, upon buildout, will include seven industrial buildings totaling approximately one million square feet. The project is well located in Valencia in the Santa Clarita Valley–Los Angeles County’s most business-friendly region which boasts no business license fees, no gross receipts tax and no payroll tax. Furthermore, the location offers a highly educated and diverse workforce of more than 2.7 million within a 30-mile radius.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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