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August 12, 2020
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24/7 Events Inc Leases 51k sf Facility in Valencia


24/7 Events Inc inked a long-term lease for 50.9k sf at a newly constructed industrial property located within Valencia Commerce Center in Valencia. The Class A building, located at 27788 Hancock Pkwy, is a freestanding facility located at the entrance to the Valencia Commerce Center and adjacent to Hwy 126. The project provides easy access to both the 126 and I-5 freeways, and is in proximity to many retail and dining options.

24/7 Events will be relocating from its current location in Canyon Country. The rental and production company for small as well as large corporate and sporting events, among others, operates out of Santa Clarita but services clients and creates events nationwide.

CBREs Craig Peters represented the landlord, Ground Up Properties 3 & 4 LLC, a local development and investment company. Matt Dierckman of CBRE repped the tenant in the lease, which will commence April 1, 2020. This latest transaction follows a series of other leases and sales within Gateway V of the Valencia Commerce Center that now brings the area to 98% occupancy.

The space is perfectly suited for our needs, and the location offers our team easy access to major transportation hubs, said Rob Cruikshank, president of 24/7 Events. This allows for easier travel not only within the greater Los Angeles market and the state, but nationwide as well, allowing us to serve our clients more efficiently.

The Valencia industrial market continues to see strong demand, especially from e-commerce and entertainment-related tenants. The Greater Los Angeles industrial market showed its continued strength with a surge in activity driven by demand from distribution and logistics users, according to CBREs fourth-quarter report. All top five deals signed in GLA this quarter fell within the distribution and logistics category. Asking lease rates made steady gains, increasing another 3%, quarter over quarter. The market dynamics with low vacancy and high demand are requiring companies to start their search earlier than in the past in order to allow enough time to find suitable alternatives or renew in place.

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