Terreno Realty Signs 306 KSF in Los Angeles Leases
Two tenants renewed their industrial leases for five more years and a third company leased a 2.5-acre site.
Garfield Business Center – 3416 Garfield Avenue
Terreno Realty Corp announced it has finalized two lease renewals totaling 306,000 square feet at two of its industrial properties in Los Angeles. Additionally, the company signed a new lease for a recently purchased, 2.5-acre vacant land parcel.
Santa Fe Warehouse signed a five-year renewal for its 203,000-square-foot lease at Garfield Business Center, located at 3416 Garfield Ave. in Commerce, Calif. The initial expiration date was March 30, 2021 and the renewed lease’s end date is June 30, 2026. The entire logistics park encompasses five buildings spanning 545,299 square feet, according to CommercialEdge data. The property occupies a 24-acre parcel at 3300-3430 Garfield Ave.
Northrop Grumman Corp. renewed its contract for the 103,000 square feet of space it occupies at 2477 Manhattan Beach Blvd. The current lease expires at the end of this year and the renewed commitment has a five-year term. The building was completed in 1963 and sits on 4 acres.
A regional trucking company signed a five-year contract for a 2.5-acre parcel at 14732 S. Maple Ave. The lease starts on Dec. 31, 2020 and ends on Feb. 28, 2026. Terreno Realty paid $9.8 million to acquire the site from a private investor earlier in December.
In July, Terreno Realty Corp. sold a 192,000-square-foot warehouse in Miami Lakes, Fla., for $22.2 million. Brookfield Properties purchased the property, which is fully leased to an international freight company.
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