A local logistics firm has leased two warehouses with 344,000 square feet in Compton.
Great Central Transport, a trucking, storage and distribution company based in the city, leased the warehouses at 601-615 West Walnut Street and 921 Artesia Boulevard, the Commercial Observer reported. Financial terms of the leases were not disclosed.
The Klabin Company, which represented the landlords of both buildings near the ports of Los Angeles and Long Beach, announced the deals.
Great Central Transport leased a 200,000-square-foot industrial building owned by San Francisco-based Prologis on more than 9 acres on Walnut Street. The building was recently refurbished.
It also leased a 143,900-square-foot industrial building owned by New York-based J.P. Morgan Asset Management on 7.5 acres on Artesia Boulevard. It was previously a distribution warehouse for DHL, a logistics company based in Germany.
Brokers Frank Schulz and Nick Buss of Klabin Company represented Great Central Transport in both leases. Broker John Schumacher of CBRE represented JPMorgan. Brokers David Prior and Todd Taugner of Schulz and Klabin represented Prologis.
The rapid growth of e-commerce by such companies as Amazon have led to a rush for logistics warehouses in Southern California, and across the nation. Developers across the U.S. are racing to build new warehouses, as vacancy rates approach sub-1 percent in some markets.
Warehouses that are delivered get snatched up quickly, industry sources say.
The trend is especially strong In Los Angeles, where spec warehouses larger than 100,000 square feet are leased in weeks. The Inland Empire has the tightest industrial market in the country, with a vacancy of 0.8 percent at the end of last year, where large warehouses are leased within a month.
Pacific Expressway, another trucking and logistic company based in Compton, leased a 111,000-square-foot distribution warehouse in the South Bay city.
— Dana Bartholomew
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