Industrial Build Inks Fortune 50 Tenant

LOS ANGELES-Pacific Industrial has signed a long-term lease agreement with a Fortune 50 company at its 3-building, 550,000-square-foot industrial campus currently under construction in the City of Bell. The development sits on 39 acres, which Pacific Industrial purchased last week for $44 million in Los Angeles County’s largest land transaction since 2002, GlobeSt.com reported in an earlier story. The name of the tenant is undisclosed.

“This was a very complex transaction,” Neil Mishurda, co-founder of Pacific Industrial, tells GlobeSt.com. “Not just because of the size of the land purchase and development, but navigating complex entitlement issues at a lightening speed and negotiating a long-term lease with a Fortune 50 company, there was a lot going on all at once.” Pacific Industrial purchased the site from the city and negotiated to secure entitlements prior to closing. With the city’s cooperation, the developer was able to complete the entitlement process in five to six months. The land is entitled for a 840,390-square-foot industrial facility. Due to a remaining five-year lease with BNSF Railway, Pacific Industrial is developing an approximately 550,000-square-foot, 3 building industrial campus now and approximately an additional 300,000 square feet in 2018 when the lease expires.