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3900 Arden Drive

Foot Locker Signs Largest Industrial Pre-Lease In Southern California At El Monte Logistics Center
LEASEDIndustrial

Foot Locker Signs Largest Industrial Pre-Lease In Southern California At El Monte Logistics Center

3900 Arden Drive

Building Size

361,000 SF

Asset Type

Industrial

Closing

Oct 19, 2023

AI

The largest industrial pre-lease of the year in Southern California has been signed by Foot Locker, committing to approximately 361,000 square feet of space at El Monte Logistics Center. This distribution facility is expected to be completed in early 2024 and is situated about 33 miles from the ports of Los Angeles and Long Beach. The transaction reflects a shift in demand for industrial space due to changing consumer spending and cost-cutting measures among occupiers.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: Not mentioned
  • SF: 361,000
  • Address: 3900 Arden Drive
  • Market: El Monte

Ares Management (ARES) represented by Michael Arougheti and Black Creek Group serve as landlords for this lease agreement, while Foot Locker's representative is Mary Dillon. This deal highlights the key individuals and companies involved in the transaction, providing insights into the people behind the deal.

Players

Ares Management
Ares Management Lender
Ares Management
Ares Management Landlord

El Monte Industrial Market Snapshot

Boundary boundary · Industrial · Lease transactions

Loading comparables…

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