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4/28/21
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Quixote Studios inked a lease for a 124k sf, high-image industrial building in the northeastern San Fernando Valley community of Pacoima. The property, located at 12154 Montague St, just west of Glenoaks Blvd, is owned by Rexford Industrial.
The property includes 95.4k sf of warehouse space and 28.6k sf 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 building 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.
John DeGrinis, SIOR, Patrick DuRoss, SIOR, and Jeff Abraham, SIOR, with Newmark represented the landlord. Quixote Studios, was represented by an outside firm. Terms of the lease were not disclosed.
“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 100k sf 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.”
With a total inventory of 1.049 bil sf of industrial space, Los Angeles’ County vacancy rate has remained below 3% for 36 consecutive quarters, marking the lowest industrial vacancy rate in the nation, according to Newmark Research. Tenants have already taken 97.2% of the 89 msf of the new supply delivered over the last 24 months.
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