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2187 Garfield Avenue

LAX Freight Delivery Leases 123,138 SF Industrial Building In Commerce, California
LEASEDIndustrial

LAX Freight Delivery Leases 123,138 SF Industrial Building In Commerce, California

2187 Garfield Avenue

Building Size

123,138 SF

Asset Type

Industrial

Closing

Oct 17, 2023

AI

The third-party logistics firm LAX Freight Delivery has recently leased a 123,138-square-foot industrial building located at 2187 Garfield Avenue in Commerce, California. This lease transaction exemplifies the robust demand for industrial space in the Los Angeles area. The property, boasting its unique features for supply chain logistics companies, such as cross-dock loading and low coverage, proves to be an appealing choice for LAX Freight Delivery.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: Not provided
  • Address: 2187 Garfield Avenue
  • Market: Commerce
  • Square Footage: 123,138

The landlord of the leased property is a partnership between Staley Point Capital, represented by Kevin Staley, and Bain Capital Real Estate, represented by Dan Cummings. On the tenant side, LAX Freight Delivery secured the lease agreement. The negotiations were facilitated by Jon Reno, Mark Vanis, Sage Segal, and Trevor Gale from JLL, serving as the landlord's representatives. As for the tenant's representation, Marc DiGennaro from Lee & Associates acted on behalf of LAX Freight Delivery.

Players

Jon Reno

JLL

Broker

$164.1M

vol

6 deals

Broker

Commerce Industrial Market Snapshot

Boundary boundary · Industrial · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93