CBRE Announces Long-Term Lease at the Lewis Business Center in Van Nuys, CA to Jocott Brands
23 Jul 2018
CBRE announced the leasing of 64,089 square-feet of industrial space at the Lewis Business Center in Van Nuys, CA to Jocott Brands for $6.14 million.
Located at 8000 Woodley Avenue, the building sits within one of the premier Class-A business parks in the area and provides major street frontage and immediate access to the Valley and West Los Angeles via the 405 Freeway. The corporate headquarters space features two-story glassed offices, 30’ foot warehouse clearance, 14 dock-high doors and an ESFR sprinkler system.
CBRE’s David Harding, Greg Geraci, Billy Walk, and Matthew Dierckman represented the landlord, PGIM Real Estate, a global real estate investment company, in the transaction. Scott Caswell of Lee & Associates represented the tenant, a developer and marketer of branded personal care products.
“The ownership team appreciated the opportunity to work hand in hand with Jocott Brands to customize the office layout to meet their long-term needs and create a highly improved work environment for the company’s employees,” said Harding.
Demand for industrial space in the Greater Los Angeles area has been strong with limited availabilities, driving a year-over-year annual lease rate increase of $3.89 per square foot and cutting vacancy by 10 bps to 1.2%.
“The appetite for class-A industrial space with such state-of-the-art features continues to grow from a variety of users, especially logistics and ecommerce companies,” said Geraci. “However, the scarcity of available land sites for new development in the Valley is resulting in a lack of quality product. This will be a strategic long-term location for Jocott Brands.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.