Howard's Appliances Leases 127K SF Warehouse In City Of Industry
Howard's Appliances has secured space for a new corporate headquarters, main distribution center, showroom and outlet.
Daum Commercial Real Estate Services secured a 68-month lease of a nearly 128K SF industrial facility at 111 N. Baldwin Park Blvd. in the City of Industry on behalf of Howard's. The lease was valued at $11.1M.
Daum's Rudy Lara, Nathan Lara, Jack Nersesian and Nick Peukpiboon facilitated the deal on behalf of the tenant.
Howard's was seeking to consolidate its corporate and distribution operations in one place, Nersesian said in a statement. The company had previously operated a warehouse in Pico Rivera and had its corporate offices 10 miles away in La Habra.
The Greater Los Angeles industrial market had a vacancy rate of 3.8% and negative net absorption of 2.8M SF in the third quarter, according to CBRE.
Third-party logistics companies were responsible for almost half of the leases in Q3, followed by manufacturers, which generated about 16% of all leases.
Top transactions in the quarter ranged from about 200K to 700K SF, with the latter also in the City of Industry. American Starling Logistics, a logistics and forwarding company, inked a new lease for the space.
