Mercury Air Cargo, the largest air cargo handler at LAX, is leasing about 163,000 square feet of industrial property near the airport.
San Dimas Partners, a limited liability company, signed the air cargo company to the 52,000-square-foot building on the site, located at 8900 Bellanca Avenue, according to Mohr Partners, which brokered the deal along with Colliers International.
The LLC is linked to Beverly Hills-based real estate development firm NSB Associates, founded by Larry Field, who passed away in 2020, records show.
The deal is worth an estimated $13 million, the brokerages said in a statement, but terms were not disclosed.
In the fourth quarter, average asking rates for industrial properties near LAX were $1.58 per square foot per month — around 45 percent higher than average rates across the entire Los Angeles region, according to Newmark.
The property was formerly a Hertz distribution center and was put up for lease in August. Built in 2015, the Class B site includes 73 parking spaces, according to online listings for the property.
About 2.5 percent of industrial space was vacant in the fourth quarter of last year, according to Newmark, most of which was older industrial buildings.
Though 1.9 million square feet of industrial real estate is currently under construction in the South Bay, zero is being built in the LAX submarket, given the lack of available empty space.
The latest lease appears to be an expansion for Mercury Air Cargo, which already operates out of five terminals at LAX, according to its website, along Avion Drive, West Imperial Highway and Aviation Boulevard.