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10/04/23
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Action Sales signed a 64-month, $25 mil lease with an option to extend on a 181.7k corporate office and distribution property in City of Industry. Action Sales will use the property, located at 17708 Rowland St, as its corporate headquarters as well as a major distribution hub for its fast-growing national food service equipment and supplies business.
Originally built in 1998, the building is a state-of-the-art, Class A, high-image industrial building with ample on-site parking for visitors and employees. The fenced property sits on over eight acres with 30-foot minimum clear height, 26 dock high truck positions, and is protected by security fencing and guard booth. The building was a former distribution site for online technology retailer NewEgg.
Dennis Sandoval and Kurt Yacko with DAUM Commercial Real Estate represented the tenant in the deal. The lessor was represented in the lease agreement by Mike Fowler of JLL
So far in 2023, according to JLL research, overall industrial leases have suffered major declines in volume compared to 2022. However, the numbers indicate a return to pre-pandemic leasing velocity, and in Q2 2023, over half of all transactions were for new leases, highlighting a healthy demand for new space. DAUM Commercial’s Q2 Market Report for the San Gabriel Valley echoes the generally positive outlook for industrial property in California. Direct vacancies dropped 70 basis points from Q1 to 2.2%, with overall vacancies around 2.7%.
“The San Gabriel Valley is seeing excellent absorption for good quality industrial property,” Sandoval says. “Action Sales spent so much effort in the process to make sure they found the perfect solution for their needs. This property, with its central location and direct access to transportation thoroughfares, met all their criteria. From exuding a strong corporate image to giving ample room for growth, the new headquarters is well-suited to serve the greater Los Angeles Basin and Southern California market.”
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