In the largest of the three deals, Laufen International has signed a 65-month lease for an additional 119,077 sf at Dominguez Tech Center. The firm, a division of tile manufacturer Roca Tile Group, will use the additional space to expand its operations. Laufen now leases 268,000 sf at the center.
The expansion lease is valued at $6.4 million, which averages out to $0.827 per sf per month. Lance Ryan and Mike Bodlovich represented Watson Land Co. in the transaction. Barry Hill of CB Richard Ellis, who represented Laufen International, was not immediately available Monday morning for comment.
In the next largest deal, BNX Shipping, a provider of air and ocean freight services, signed a seven-year lease for 98,100 sf at 910 East 236th Street in the Watson Industrial Center. The international shipping firm will use the facility as a distribution center and warehouse storage facility. The value of the lease is $6 million, which averages out to $0.728 per sf per year.
Ryan and Bodlovich represented Watson in the transaction. Craig Poropat of Lee & Associates represented BNX Shipping.
In the third deal, Quik Pick Express, a comprehensive logistics firm signed a three-year lease for a 102,000-sf industrial facility within the Watson Industrial Center at 1058 East 230th Street. The lease, valued at $2 million or $0.544 per sf per month, doubles the company's leasehold with Watson. The company also leases a 108,000-sf building within the center.
Ryan and Bodlovich represented Watson. Davis Bales of The Klabin Co. represented Quik Pick Express.
Dominguez Technology Center totals 2.8 million sf in 18 buildings. Watson Industrial Center has 6.6 million sf in 60 buildings. Overall occupancy is 99%, according to a Watson spokesperson.
"Despite changing market conditions, tenants in both the logistics and manufacturing industries are opportunistically expanding their operations and storage capacity by leasing additional space," says Ryan.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
*May exclude premium content© 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.
