Lease agreements have been signed for four industrial properties in the Los Angeles South Bay area totaling 866,904 square feet, according to Lee & Associates, a commercial real estate brokerage.
The agreements were valued at $48.4 million.
Lee & Associates represented the lessees in all the transactions.
The first property, a 259,327-square-foot industrial building, leased for $20.5 million and is located at 19400 S. Western Ave. in Torrance, Calif. The lessee, Housewares International, an importer and marketer of houseware products, relocated its operations in Rancho Dominguez and Carson, and moved into this industrial facility on a 10-year lease.
The second property, a 198,094-square-foot industrial building, leased for more than $14 million and is located at 2131 Willow St. in Long Beach, Calif. The lessee, Nova Transportation, a public warehouser, exercised an option of extending its existing 11-year lease for four more years.
The third property, a 203,000-square-foot industrial building, leased for $7.4 million and is located at 1331 Torrance Blvd. in Torrance, Calif. The lessee, Salson West, a public warehouser based in New York, needed to expand its operations to the west coast.
The fourth property, a 206,483-square-foot industrial building, leased for $6.5 million and is located at 250 W. Manville St. in Compton Calif. The lessee, A-Z West, a public warehouser, relocated from its location in Rancho Dominguez to this facility, signing a five-year lease. The industrial building provides the company with room to expand and provides its customers with a more efficient operation.