(To read more on the industrial market, click here.)
SANTA FE SPRINGS, CA-Logistics firm Kintetsu International has taken nearly 172,000 sf of A&E Plastics space at Golden Springs Business Park, and outdoor furniture maker Janus et Cie Inc. has leased 142,000 sf in a nearby building in this city as the Mid-Cities market continues as a top performer among Los Angeles County's industrial submarkets.
Kintetsu signed for its space in a sublease with A&E Plastics, with Henry Johnson, Mike Foley and Dave Hess of Trammell Crow Co. representing A&E Plastics and Kintetsu represented by CB Richard Ellis. Janus et Cie Inc.'s space is at building owned by Accuride International at 12310 Greenstone Ave. Accuride was represented by Foley and Hess, with Janus et Cie represented by Colliers International in the $5-million deal.
The two leases follow a recent industrial sale in which Cornerstone Real Estate Fund, a private REIT, acquired a 105,005-sf multi-tenant industrial park at 14912-14948 Shoemaker in Santa Fe Springs for $12.4 million, according to Voit Commercial Brokerage. Cornerstone bought the property from First Industrial Realty Trust in a transaction brokered by Mike Hefner and Mike Cargile of the Irvine office of Voit, who represented both sides in the deal.
The Mid-Cities market, also known as the Mid-Counties market because it straddles Los Angeles and Orange counties, has perennially posted some of the lowest vacancy rates in the region. Recent market reports peg the overall availability, including both direct and sublease space, at about 5%. One report, from CB Richard Ellis, credited the Mid-Counties market with "the most significant annual change" of any industrial submarket in the county, a 30% decrease from 7.2% in the second quarter of 2005 to 5% in the second quarter of this year.
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