Location played a leading role in a 123,974-square-foot lease at a Pacoima industrial building. The tenant is Quixote Studios. The landlord is Rexford Industrial, a real estate investment trust that invests in and operates Southern California infill market industrial properties.
Newmark’s John DeGrinis, Patrick DuRoss and Jeff Abraham represented Rexford Industrial. This is the 19th transaction in the past three years the Newmark team has completed on behalf of this long-term client. The tenant was represented by an outside firm.
“Despite not being available for occupancy until Q3 2021, this property garnered a lot of attention from many tenants,” said Abraham. “It was the only available building larger than 100,000 square feet in the greater San Fernando Valley. We knew its image, location and clear height would be attractive to the entertainment industry, so it’s no surprise we were able to secure a long-term lease with an entertainment company.”
Located at 12154 Montague St., the property includes 95,394 square feet of warehouse space and 28,580 square feet of office space. The property is near Burbank, Glendale and downtown Los Angeles, and offers immediate access to I-5, I-210 and Highway 118. It is also near Burbank Media Center, home to Walt Disney Studios, Warner Bros. and ABC, as well as entertainment companies.
“This transaction is yet another example of the Los Angeles North industrial market’s current climate – minimal supply for an ever-growing demand from a wide variety of industries,” DuRoss says.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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