JLL Closes 232 KSF Los Angeles Warehouse Lease
- Aug 20, 2020
JLL has negotiated a 232,229-square-foot full-building lease at Prologis Vernon Business Center in Vernon, Calif. Senior Vice President Joe Dimola assisted the tenant, US Elogistic Services Corp. Newmark Knight Frank Vice Chairman John McMillan represented the owner, Prologis. The transaction represents the largest industrial lease closed in the Central Los Angeles submarket this year in terms of square footage, according to JLL.
Located on 16 acres at 5215 S. Boyle Ave., the industrial park encompasses two single-story buildings delivered earlier this year. Prologis broke ground on the property in January 2019. The tenant will occupy the second building, which features a 10,395-square-foot office component, 36-foot clear heights, 38 dock-high doors, two grade-level ramps and an ESFR sprinkler system. The industrial complex is 5 miles south of downtown Los Angeles and 16 miles east of Los Angeles International Airport.
Prior to the pandemic, some 35 percent of JLL’s industrial leasing activity was tied to e-commerce tenants. However, with the massive growth of online shopping—estimated to increase by 20 percent this year alone—nearly 50 percent of the brokerage’s leases year-to-date have involved online retailers or related companies.