Deal Marks Largest Infill Lease, Highlights Need for Efficient Space in Los Angeles County Industrial Market
Retailer 99¢ Only Stores signed an industrial lease for the entire 615,000-square-foot Garfield Corporate Center at 6100 Garfield Ave. in Commerce, CA.
The deal marks the largest single industrial infill lease ever signed in Los Angeles County, according to JLL, who represented building owner KTR Capital Partners - which is developing Garfield Corporate Center. When completed in the second quarter 2014, the building will be the largest free-standing building constructed in the Greater Los Angeles area in the past 10 years.
Under construction since January 2013, the distribution building sits on 27.5 acres in the Commerce Industrial submarket of Los Angeles County. It will feature 109 loading docks with cross-dock capabilities, 36-foot clear heights, 2,000-amp heavy power, 52-foot column spacing, skylights, and abundant truck and trailer storage on a fenced corner lot. Immediate access to nine major freeways will offer 99 Cents Only an extensive transportation network to all three major hubs including the Ports of Los Angeles and Long Beach, Los Angeles International Airport, and the rail yards of BNSF Intermodal and Union Pacific.
"Garfield Corporate Center is one of only 14 modern distribution centers exceeding 500,000 square feet to be constructed in Los Angeles County since 1998," said Barry Hill, senior vice president at JLL. "The Southern California industrial market, and specifically the Central Los Angeles submarket is the tightest in the region with 3.5 percent vacancy in the first quarter. Tenant demand for more efficient warehouses continues to push the envelope for state-of-the-art facilities."
Barry Hill, Paul Sablock, Tim O'Rourke, Mike Fowler, and Zac Sakowski with JLL in Los Angeles represented the landlord. The tenant was represented in lease negotiations by CBRE.