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6/13/18
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San Francisco-headquartered Flexport, an emerging full-service air and ocean freight forwarder, has fully leased a recently developed 136.7k sf industrial facility in Compton. Terms of the lease were not disclosed.
The company—whose mission is to fix the user experience in global trade and bring the world free trade through technology—represents the first tenant in the facility, which completed construction in the fourth quarter of 2017. The property is owned and was developed by Prism Realty Corporation.
The facility is located at 1420 N. McKinley Ave at E. Rosecrans Ave. The building is situated on 6.7 acres and features 32-ft clear height, 27 dock high doors, 100% concrete truck court and drives, skylights, secured truck yard (fully fenced, gated and lit), heavy power, plus 8.8k sf distinctive two-story-office with two-story atrium lobby. It is also close to both the Ports of Los Angeles and Long Beach.
Flexport will utilize the facility for its freight-forwarding operation. Now operating a charter flight from Hong Kong a few times a week with plans to intensify ahead, Flexport needed the building in order to be bonded and close to Los Angeles International Airport to support this new charter service that began in May. The company is a licensed customs brokerage and freight forwarder built around an online dashboard, to reduce costs and improve reliability. Its services include air freight, ocean freight, trucking, fulfillment, and cargo insurance. Backed by Google Ventures, Bloomberg Beta, First Round Capital, Y Combinator and many more, Flexport is redefining how companies manage their global supply chain.
Rusty Smith of Cushman & Wakefield’s South Bay offices represented the tenant in the transaction.
According to Cushman & Wakefield’s latest market report, South Bay industrial market vacancy remains at historic lows of just 1.4% in Q1 2018, still well below its mark of 2.1% during the previous peak cycle in 2004.
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