Furniture wholesaler Made Goods is doubling its footprint with a big lease for a new corporate headquarters and warehouse in the City of Industry.
Landlord LBA Logistics inked the company to 282,000 square feet at 918 South Stimson Avenue, according to the Los Angeles Business journal.
Financial terms of the deal were not disclosed.
The 13-acre property is more than twice the size of Made Goods’ current facility — also in City of Industry — and allows the company to expand both its offices and its warehousing operation, according to the report.
Cushman & Wakefield’s Ty Newland represented Made Goods in the deal.
Marking materials from JLL dating to last year say the building, which is mostly industrial space, includes 15,000 square feet of office space.
The Southern California industrial market has remained relatively strong, faring far better than other property types throughout the pandemic. Most local developers expect demand to remain https://therealdeal.com/la/2020/07/30/socal-developers-say-demand-for-office-retail-space-will-continue-to-drop/ for industrial properties.
Overall office leasing, however, has been low in Los Angeles County amid the pandemic. From April through June, leasing transactions were around 60 percent to 70 percent below normal for the quarter, according to a CBRE report.
Meanwhile, 5 million square feet of sublease space went on the market in L.A. County in the second quarter, as transaction volume plummeted during the stay-at-home lockdown and difficult reopenings. [LABJ] — Dennis Lynch