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12/04/19
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WESCO Distribution Inc signed a lease for 305.4k sf of industrial space in Santa Fe Springs. WESCO, an electrical parts distribution company, inked a deal for a free-standing facility situated on 13.3 acres at 9306 Sorensen Ave, a few blocks west of the intersection of Santa Fe Springs Rd and Slauson Ave.
Constructed in 2012, the building features a fully fenced yard and truck court, 55 dock-high doors, 32-foot ceiling clearance and ESFR fire sprinklers. The property is in proximity to the Los Angeles and Long Beach ports and Los Angeles International Airport.
Rick McGeagh, Josh Bonwell, Bret Quinlan and John Schumacher of CBRE represented the landlord, Link Industrial Properties, the U.S. industrial real estate operating platform of Blackstone based in New York City. WESCO was repped by Mark Yankello and Jeff Kernochan of Fischer & Company. Terms of the lease were not disclosed.
Tenants continued to lease space in the Greater Los Angeles area in spite of ever higher rental rates and increasing operating expenses, according to CBRE’s third-quarter report. Average asking lease rates reached a new record high of $0.91 per square foot at the end of the quarter. Lease rates were driven upwards by 9.8% year over year due to a lack of significant available space and solid demand from a diverse mix of tenants. Rents are expected to continue to increase throughout the year, albeit at a more moderate pace.
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