LOS ANGELES—DHL has signed a six-year lease renewal for 234,858 square feet at its current industrial facility in Redondo Beach, CA. The lease transaction is valued at $11.9 million. DHL will use the facility, as it has, as a freight air hub.

Located at 4000 Redondo Beach Ave. in Redondo Beach, CA, the facility is 281,456 square feet, with DHL occupying a majority of the property. It sits on 13 acres, and features 50 dock high positions, 23-foot clearance and 52,108 square feet of office space, which houses 150 DHL employees. The property also offers immediate access to the 405 and 105 freeways. According to industry sources, the property was built in 1978 and was last renovated in 1989.

The Klabin Co./ CORFAC International partners Todd Taugner and Frank Schulz, who are based in the Torrance office, and partner David Prior represented DHL in the lease transaction. The brokers did not respond to several requests for a comment. TPG Capital is the landlord of the property, however, the brokerage team to represent the landlord was not disclosed. TPG Capital purchased the property in May of last year for approximately $43 million, which amounts to $153 million per square foot, from Prologis. The sale transaction was likely part of Prologis' disposal of 59 assets spread throughout nine nationwide markets, although the addresses of the sale were not disclosed at the time. TPG Capital picked up all 59 assets from the industrial investor and developer.