Logistics firm signs for 1.5M sf in City of Industry
Port Logistics Group renewed 3 different industrial leases
Port Logistics Group has signed three different lease extensions in the City of Industry, adding to the growing number of industrial trades in the San Gabriel Valley enclave.
Combined, the logistics firm signed deals to occupy 1.48 million square feet for five more years.
Port Logistics will occupy 775,000 square feet of warehouse and distribution space at 108 S. Mayo Avenue, as well as 700,000 square feet in two separate buildings at 18175 and 18215 Rowland Street, the firm announced Monday.
Majestic Realty, an industrial developer, owns the property on Mayo Avenue. Gateway Industrial Properties, a subsidiary of Blackstone, owns the two buildings on Rowland Street.
John Simons at NAI Capital, and Jeff Canon, Andrew Morrow and Joe Jones at Savills Studley represented Port Logistics. Majestic Realty was represented in-house. Mike McCrary of JLL represented Gateway.
The City of Industry has become a hotbed for logistics and manufacturing firms looking for sprawling industrial properties. With a vacancy rate of less than two percent, developers are also increasingly flocking to the area.
Earlier this year, Dedeaux Properties sold its newly built industrial business park to a variety of local owner-users for $50 million. The campus includes seven buildings ranging from 27,500 – 43,200 square feet, which are smaller than the typical industrial building in the area.
EverWest Real Estate Partners also recently invested in the City of Industry, picking up a three-building complex for nearly $30 million in late August. The firm’s portfolio includes properties in Chicago, Boston and Phoenix.