Gateway Pointe Signs New Tenant For 304K SF
24 Oct, 2006, Los Angeles
Leading Distributor Leases Brand New Facility at Los Angeles Premier Industrial Park
Pacific Sales Kitchen and Bath Centers, a subsidiary of Best Buy, has signed a 304,708-square-foot lease to occupy the newly built facility at 3931 Workman Mill Road in Whittier, Los Angeles County. Stuart Milligan, David Hasbrouck, John McMillan and Jeff Sanita from Cushman & Wakefield’s Los Angeles office represented the landlord in the transaction valued at $12.6 million, with the lease term of six years and three months. The tenant was represented by Tom Gyulay of Sage Retail Group.
Gateway Pointe Industrial Park is one of the largest business parks in the Greater Los Angeles Basin. Completed in 2005, it features five free-standing buildings totaling 1.6 million square feet on approximately 70 acres of land. Developed and owned by the Los Angeles-based Southwest Carpenters Pension Trust, it is represented exclusively by the Cushman & Wakefield brokerage team of Stuart Milligan, David Hasbrouck, John McMillan and Jeff Sanita.
Pacific Sales will occupy one of two buildings comprising Phase II. Part of the other building is leased by Lagasse, a subsidiary of United Stationers, one of North America’s largest wholesale distributors of business products. The remaining 105,631 square feet of this building are available for lease.
Phase I of Gateway Pointe is comprised of three buildings, two of which are occupied by Four Seasons General Merchandise and FedEx, with the third one available for lease.
“The Pacific Sales’ lease brings Gateway’s occupancy to 77 percent. This project has been tremendously successful, it had been 60 percent pre-leased at opening,” says Mr. Milligan, a director at Cushman & Wakefield’s Los Angeles Downtown office.
Located at the intersection of the 60 and 605 Freeways in the center of the Los Angeles Basin, Gateway Pointe provides easy access to all major areas of Southern California and the Western United States. Just 25 miles from the Ports of Los Angeles and Long Beach, it offers the advantage of lower transportation costs compared to warehousing facilities further out east. Proximity to a large labor pool is an additional attraction for companies locating their operations at Gateway Pointe.
Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 189 offices in 57 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133.