Energy Firm Signs Ground Lease, Acquires Adjacent Site
Commerce Energy Storage, LLC has signed a long-term ground lease for a 50,073-square-foot building located on 4.78 acres at 6920 E. Slauson Avenue in Commerce. Additionally, the firm acquired an adjacent site of 2.23 acres located at 6904 E. Slauson Ave. The company will work to develop warehouses on both sites that will house its vaults of batteries that store power for customers.
JLL’s Jon Reno, Mark Vanis, Trevor Gale and Sage Segal represented all parties in both transactions.
“With strong fundamentals for industrial space in the Los Angeles area, owner-users and investors are looking to redevelop older/obsolete buildings and sites,” said Gale. “These transactions are an excellent example of utilization of two industrial outdoor storage (IOS) sites (one being environmentally impacted) for something other than vehicles/truck/container storage or raw material storage that contributes to the ESG/carbon neutral movement.”
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