No real estate sector has been bulletproof this year but the industrial market has shown the most resilience, with the surge in online orders leading to more logistics and warehouse leases.
In Southern California, where industrial has long been a bright spot, leasing remained strong in 2020. The latest example is a lease for 93,000 square feet at a Torrance warehouse, according to the Los Angeles Business Journal.
Landlord CenterPoint Properties Trust signed marketing and fulfillment company Regan Group to the deal at 4180 190th Street, according to the report. Regan Group had been subleasing nearly 30,000 square feet at the location. The new lease commits the company to the entire building.
Tyler Rollema and Matt Stringfellow of Klabin Company/Corfac International represented the Regan Group, while Newmark’s Barry Hill advised the landlord.
Illinois-based CenterPoint invests in industrial real estate across the U.S. Its holdings include 333 properties and 63 million square feet of space, according to its website.
Average asking rent for industrial space in the South Bay in the third quarter was 94 cents a foot. That’s about 6 cents higher than a year ago, the Business Journal reported, citing JLL figures.
In L.A. County overall, average industrial lease prices in the third quarter were up 2.2 percent year-over-year and vacancy was effectively flat.
Of the 10 largest industrial investment sales in L.A. County this year, .half involved institutional investors. Those included the Blackstone Group and Brentwood-based Rexford Industrial Realty, which acquired about $1 billion worth of warehouses in 2020.
[LABJ] — Alexi Friedman