May 9, 2022 9:00 AM
Newmark[1] announces it has negotiated a 114,898-square-foot lease with FDH Aerospace, a global aerospace distribution company, at Commerce Logistics Center located at 5200 Sheila Street in Commerce, California. The tenant will occupy the entirety of the building.
Newmark Vice Chairman John McMillan, Senior Managing Directors Jeff Sanita and Danny Williams and Director Greg Stumm serve as the exclusive leasing agents for the property, representing the ownership, Link Logistics, in the transaction.
“We are happy to welcome FDH Aerospace to Commerce Logistics Center,” said Sanita. “Our team is pleased to have completed the successful lease-up of this state-of-the-art building in a market with significant supply constraints for industrial space.”
Commerce Logistics Center is a brand-new, 114,898-square-foot, freestanding Class A industrial property delivered in 2022. Property features include private fenced and secured yard, 10,970 square feet of two-story office space, 36-foot clear height, 17 dock-high doors with nine pit levelers, ESFR sprinkler system, 2,000 amps power and parking for 116 autos and 17 trailers.
The property is situated on Sheila Street near the intersection of Washington and Atlantic Boulevards, just minutes from Interstate 710. The central location provides direct access to over 14 million residents within a 50-mile radius. In addition, the property is just 20 miles from strategic logistics hubs including Los Angeles International Airport and the Ports of Los Angeles and Long Beach.
During the first quarter of 2022, five of the quarter’s top ten move-ins in the Los Angeles industrial market came from companies occupying newly delivered space that was leased prior to delivery, according to Newmark Research. Combined, these leases totaled 932,262 square feet, or 67.2% of the quarter’s net absorption gain of 1.4 million square feet. New construction remains the primary vehicle to satisfy tenant demand in a market where vacancy is below 1.0%.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
[1]
Dba Newmark Knight Frank in California