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Rexford Industrial inks studio and equipment firm to big lease
Quixote Studios is taking 124K sf in Pacoima mixed-use complex
Studio and equipment company Quixote Studios has signed a lease for Rexford Industrial Realty’s mixed-use complex in the San Fernando Valley.
The deal for 124,000 square feet at 12153 Montague Street in Pacoima includes warehouse and office space, according to Commercial Observer. The property is around the corner from a Quixote Studios production campus.
The pandemic has sent much of the Los Angeles office market into a tailspin, but demand still exists for media industry tenants and production studios.
Rexford bought the Pacoima property in mid-2018 for $22.5 million in a leaseback deal with Mole-Richardson, a production lighting rental firm.
Quixote can occupy the property in the third quarter. Newmark’s Jeff Abraham called it the only 100,000-square-foot-plus building available in the greater San Fernando Valley, according to the report.
Rexford is one of the most active industrial investors in the Southern California region. The area is the tightest logistics market in the country.
Rexford closed out 2020 with a flurry of acquisitions, including portfolio deals in Vernon, the Inland Empire and Sylmar.
[CO] — Dennis Lynch