CUSHMAN & WAKEFIELD ARRANGES 111,000-SQ.-FT. INDUSTRIAL LEASE IN COMPTON, CAL.
PR Logistics expands with Full-Building Transaction in PREI’s Dominguez Hills Industrial Park
COMPTON, CA – March 28, 2012 – (RealEstateRama) — Commercial real estate services firm Cushman & Wakefield, Inc. has arranged a full-building, 111,000-square-foot industrial lease with PR Logistics at 220 West Victoria Street within Prudential Real Estate Investors’ Dominguez Hills Industrial Park in Compton, Cal. PREI was represented in the transaction by Cushman & Wakefield’s Los Angeles South team of Rooney Daschbach, Steve Bohannon, and Rusty Smith.
PR Logistics, a third-party logistics provider, was represented by former broker Sean O’Donnell of Grubb & Ellis, who is now senior vice president of that firm. The transaction represents a relocation and expansion from PR Logistics’ previous 70,000-square-foot site, and the building at 220 West Victoria Street includes a 10,000-square-foot office component.
“PR Logistics is a relatively new, fast-growing company that required significant expansion of their space to keep pace with that growth,” said Bohannon. “This location proved to be the ideal solution for their requirements.
“The fact that this building was vacant for just three months is an indication that this market is on the road to recovery,” said Bohannon, whose team is the exclusive agent for PREI’s 19-building Dominguez Hills Industrial Park. “With this and several other recent transactions, we have been seeing shortened downtimes compared to a year ago for those facilities that become available. We are also seeing positive absorption and stabilized asking rents, other signs that a recovery is underway.”
Cushman & Wakefield, Inc.’s industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2010, this group completed more than 4,800 industrial real estate transactions – totaling 141.6 million square feet in leases and 52.9 million square feet in sales – with an aggregate value of nearly $5 billion. This represented a year-over-year revenue increase of 26.7 percent.
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About Cushman & Wakefield National Industrial
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Evelyn Weiss Francisco: evelyn (at) caryl (dot) com, (201) 796-7788, www.twitter.com/carylcomm
