CARSON, CA-AZ West, the western arm of New Jersey-based third party logistics firm AZ Container Freight Station, has signed a six-year lease with Watson Land Co. for a 300,000-square-foot industrial property at Watson Land Co.’s Watson Corporate Center. The transaction is among the largest single-building industrial leases in the South Bay submarket in 2011 in terms of square footage, according to Watson Land.
AZ West’s new space is at 2220 E. Carson St. in the 113-acre, master-planned Watson Corporate Center and is valued at approximately $12.5 million. The company is a port logistics specialist handling bonded and non-bonded distribution, and the facility will accommodate the expansion of its growing business, according to a Watson announcement regarding the lease. Watson noted that the move doubles AZ’s warehouse space in the Port of Los Angeles/Long Beach Area to over 500,000 square feet in two South Bay buildings.
Watson has accommodated AZ’s interim growth with a short-term lease of a 130,000-square-foot warehouse while the new building is being prepared for its occupancy.
The 300,000-square-foot distribution center, which is among the largest in the submarket, is situated on 13 acres and features 51 dock high positions with generous yard space. According to Lance Ryan of Watson, large industrial product is among the most sought-after in the South Bay because the market has a limited supply of buildings exceeding 200,000 square feet. Watson Land is enjoying high demand for these properties due to increasing port traffic, Ryan points out. AZ West was represented by Bret Quinlan, Bill Waxman and Mike Rizzo of CB Richard Ellis. Watson Land Co. was represented in-house by Ryan and Mike Bodlovich.
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