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12/15/14
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In a recent SoCal industrial lease comp, third-party logistics firm OTX Logistics Inc signed a lease for 186.8k sf of space in Cerritos. The company’s new space is at the Cerritos Distribution Center, located at 16016-16030 Arthur St, south of Alondra Blvd and east of Norwalk Blvd.
The property houses a Class B warehouse and distribution building featuring 24 dock-high positions and 24-foot warehouse clearance. The building is located with immediate access to the I-5, I-605, US91 and I-105 freeways.
JLL Orange County Senior Vice Presidents Luke McDaniel and Cameron Driscoll along with JLL Los Angeles Vice President Zac Sakowski represented the landlord, IndCor Properties Inc. Lee & Associates repped the tenant.
"OTX Logistics was attracted to the building because it provided functional distribution space to accommodate their consolidation, as well as contiguous space for future expansion," said Driscoll. "Los Angeles' Mid-Counties market continues to be one of the hottest industrial markets in Southern California. Tenants are attracted to this market due to its central location within the L.A. Basin and proximity to the ports and major freeways. Additionally, the market has seen an influx of tenants from the South Bay looking for better values as rental rates rise. The Mid-Counties industrial market has seen over 2 msf of net absorption and vacancy of 3.9 percent through the third quarter."
According to JLL’s sixth annual Seaport Outlook, the West Coast ports remain dominant with Los Angeles and Long Beach combined leading the way when it comes to cargo volume. Fueled by significant leasing activity around the seaports and surrounding areas, market fundamentals continue to tighten and further propel Los Angeles as a landlord-favorable market, according to JLL Research. Gradual rent growth and fewer concessions are expected, as inventory remains scarce amidst sustained tenant requirements.
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