May 16, 2019–– CBRE announced Moulton Logistics Management, Inc. renewed leases for a total of 255,404 square feet of industrial space at two adjacent properties located in Van Nuys, California.
CBRE’s Bennett Robinson represented the tenant, an order fulfillment & logistics provider for retail customers.
Moulton – which was founded in 1968 and headquartered in Van Nuys — is renewing 175,660 square feet at 7855 Hayvenhurst Avenue and 79,744 square feet at 16620 Stagg Street.
“Although these buildings are not new, they are state of the art and sit in an excellent location,” said Robinson. “Our region boasts some of the lowest industrial vacancy in the nation. Many of our clients prefer to renew their leases – even if they reset at a higher level – than trying to find suitable product anywhere else.”
CBRE’s Robinson also represented the landlord Prologis at both buildings. Prologis is the top industrial owner in the Greater Los Angeles, Inland Empire and Orange County region with more than 82.4 million square feet in rentable building area across the region, according to CBRE data.
The Greater Los Angeles area continued to attract interest from a plethora of e-commerce activity in the first quarter due to strong local demographics. Over the last 12 months, e-commerce related users accounted for more than 26 percent of total gross activity. The industrial vacancy rate in the Greater Los Angeles region in the quarter remained at a low 1.5 percent, according to CBRE’s latest research report. The tight industrial market prompted tenants to renew, particularly those occupying larger blocks of space more than 50,000 square feet, accounting for nearly 30 percent of all leases.