The transportation firm Soho Logistics inked a lease for 168,900 square feet in the City of Industry, as Los Angeles’ industrial market continues its hot streak, propelled in part by the rising need for so-called last-mile distribution facilities.
The China-based firm signed an $11.2 million lease over seven years with the building owner, Los Angeles County Employees Retirement Association, according to the Los Angeles Business Journal. The complex is located at 14736 Nelson Avenue, part of Nelson Business Park. It includes 21 loading docks.
CBRE represented Soho Logistics, while Lee & Associates represented the employees retirement association.
The City of Industry is zoned almost completely for industrial use, and a recent influx of manufacturing investment has raised asking prices in the past year. As e-commerce drove L.A.’s hot industrial market, many firms have turned to places like the City of Industry. And during the fourth quarter of last year, 13.6 million square feet of industrial space was sold or leased in Los Angeles, up from 9.3 million square feet the previous quarter.
The employees retirement association has already had a busy 2019. The pension fund announced plans to invest $250 million in the international real estate market this year. Last month, it sold a mixed-use building at 1231 S. Hill Street in South Park to Mack Real Estate for $180.1 million. [LABJ] — Gregory Cornfield