Rexford Industrial Secures Full-Building LA Lease – What is a Ground Lease?
Brokerage, Industrial, Los Angeles, News, West, JLL, NAI Capital, Rexford Industrial Realty Inc.
Rexford Industrial Realty Inc. has secured a full-building lease at its recently completed 86,879-square-foot, Class A industrial property in Gardena, Calif. NAI Capital Commercial acted on behalf of the new tenant, bakery company Puratos Corp., while JLL represented the landlord.
Located at 15601 S. Avalon Blvd., the distribution facility was recently completed and includes 32-foot clear heights, one grade level door, LED lightning, an ESFR sprinkler system, nine dock high positions, electrical vehicle charging stations and 97 parking spots.
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Spreading across almost 4 acres in one of Southern California’s tightest industrial markets, Puratos Corp.’s new warehouse is close to interstates 110 and 105, roughly 13 miles from Los Angeles International Airport, 14 miles from Port of Los Angeles and downtown Los Angeles, and within 15 miles of Port of Long Beach.
NAI Capital Commercial Vice President Edward Michino negotiated on behalf of the tenant. Senior Vice President Brianna Demus, Executive Managing Director Zachary Sakowski and Associate Danny Irish were part of the JLL team that represented Rexford Industrial Realty Inc.
At the beginning of this year, JLL’s brokers assisted the tenant in another significant deal in the area: Provider of sets and storage for the film and TV industry Scenic Expressions signed a 299,234-square-foot lease in Santa Clarita, Calif.
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A bakery company will occupy the 86,879-square-foot Class A facility in Gardena, Calif.
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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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