Port Logistics Group Inks 1.5M KSF Lease Renewal in CA
- Oct 10, 2018
Savills Studley has completed three five-year lease extensions totaling 1.5 million square feet on behalf of Port Logistics Group, a provider of omnichannel logistics services. The lease renewals are all in warehouse and distribution space in the City of Industry, an industrial suburb of Los Angeles.
At 108 S. Mayo Ave., the logistics firm’s lease renewal comprised of 775,000 square feet of warehouse and distribution space, with an additional 700,000 square feet completely leasing up two buildings at 18175 and 18215 Rowland St. in the City of Industry.
“Our real estate partners provided the excellent insight, comprehensive analysis and flawless execution needed to make this happen, and we are very appreciative of their work on our behalf,” Port Logistics Group CEO Jeffrey Wolpov said in prepared remarks.
John Simons, a partner with NAI Partners in Houston, along with Orange County-based Savills Studley Senior Managing Director Jeff Cannon, Corporate Managing Director Andrew Morrow and Assistant Director Joe Jones represented Port Logistics Group. In-house brokers Kent Valley and Terry Baker represented the owner, Majestic Realty Co., while Mike McCrary of JLL negotiated the deal on behalf of Gateway Industrial Properties, a Blackstone portfolio company.
The industrial sector is at full throttle at the moment, buoyed by the growth of online retail and international trade. Last week, Rockefeller Group announced it had completed construction of two industrial projects with nearly 1.9 million square feet in the Inland Empire.
Image courtesy of Savills Studley