April 26, 2021 10:00 AM
Newmark Knight Frank (“Newmark”) announces it has negotiated a 123,974-square-foot lease at a high image industrial building in Pacoima, California on behalf of the landlord, Rexford Industrial.
Newmark’s Executive Managing Directors John DeGrinis, SIOR and Patrick DuRoss, SIOR and Senior Managing Director Jeff Abraham, SIOR represented the landlord. This is the 19th transaction in the past three years that the Newmark team has completed on behalf of their long-term client, Rexford Industrial, a real estate investment trust focused on creating value by investing in and operating industrial properties located in Southern California infill markets. The tenant, Quixote Studios, was represented by an outside firm.
“Despite not being available for occupancy until Q3-2021, this property garnered a lot of attention from many tenants,” said Abraham. “It was the only available building larger than 100,000 square feet in the greater San Fernando Valley. We knew its image, location and clear height would be attractive to the entertainment industry, so it’s no surprise we were able to secure a long-term lease with an entertainment company.”
DuRoss continued, “This transaction is yet another example of the Los Angeles North Industrial Market’s current climate – minimal supply for an ever-growing demand from a wide variety of industries.”
Located at 12154 Montague Street, the property includes 95,394 square feet of warehouse space and 28,580 square feet of office space, six ground level doors, three dock high doors with the option to add five additional, 24-foot clearance height, abundant parking and a secured, fenced yard. The property is in proximity to Burbank, Glendale and Downtown Los Angeles and offers immediate access to I-5, I-210 and Hwy-118 Freeways. It is also situated nearby Burbank Media Center, home to Walt Disney Studios, Warner Bros. and ABC, as well as entertainment companies such as Line 204 and Quixote Studios.
With a total inventory of 1.049 billion square feet of industrial space, Los Angeles’ County vacancy rate has remained below 3 percent for 36 consecutive quarters, marking the lowest industrial vacancy rate in the nation, according to Newmark Research. Tenants have already taken 97.2 percent of the 89 million square feet of the new supply delivered over the last 24 months.
About Rexford Industrial
Rexford Industrial, a real estate investment trust focused on creating value by investing in and operating industrial properties throughout Southern California infill markets, owns 257 properties with approximately 32.3 million rentable square feet and manages an additional 20 properties with approximately 1.0 million rentable square feet. For additional information, visit www.rexfordindustrial.com.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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