The distribution center is located at 7337 Las Positas Rd., between the I-5 and I-880 freeways. The property features a 30-ft minimum ceiling clearance, cross-dock loading, concrete truck courts and 2.5% skylights.
Best Buy will use the facility for office space, warehousing and distribution of consumer goods. The company expects to relocate approximately 100 employees from its present location in Northern California.
IDI vice president of development Brent Carroll tells GlobeSt.com that the JV acquired the building last year. At the time, the building was 50% leased to Torrance Van & Storage, but the company had expressed interest in buying out its lease at a discount if a user for the entire building were to be found, says Carroll. Torrance has since accomplished its exit and consolidated into one of its existing facilities in Northern California.
Doug Norton and Duane Fitch of CB Richard Ellis represented IDI and JPMorgan in lease negotiations. David Brown and Mike Furay, also of CBRE, represented Best Buy.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
