Thanks to Best Buy, Clarion Partners has now fully leased its 58-acre project The Brickyard in Compton.
The electronics retailer signed a 10-year lease for 479,310 square feet of industrial space at the former brick manufacturing site, according to the Los Angeles Business Journal.
While terms of the deal were not disclosed, the average monthly rent in the South Bay is 82 cents a square foot, according to first quarter data from JLL. Rates rose 5 cents from the prior quarter, making South Bay the priciest industrial submarket in Los Angeles.
Bret Quinlan of CBRE represented owner Clarion Partners.
Best Buy will join Brickyard tenant United Parcel Service, which leased roughly 522,000 square feet of space last year in a deal valued at more than $44 million.
Best Buy’s space will serve as a distribution center for stores and shoppers in Southern California. It also has a distribution facility in Chino. [LABJ] — Subrina Hudson