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High Watermark!

Lately we have seen lease comps for the Inland Empire break the $0.90 PSF NNN barrier and lease comps for Class A space in the South Bay hover around $1.15 PSF NNN. The Mid-Counties, however, just blew past these submarkets with a recent leased comp coming in at $1.32 PSF NNN. The property is located at 15927 Distribution Way, Cerritos, CA and is a 220,000 SF distribution center with 32’ of warehouse clearance, 21 dock-doors situated on 391,604 SF of land. The property was leased to American Cargo Express, Inc. and rumor on the street is they were competing with Amazon and Home Depot for the space, which drove up the lease rate.