Mid-County Market Scores Big Lease
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Lee principal David Bales (pictured with wife Sharon just outside of Venice, Italy) repped OTX Logistics in the six-year, 186k SF lease in Cerritos, where there's still room for large users. David tells Bisnow infill markets like Cerritos offer a company as large as OTX quality product at an affordable price. OTX is a subsidiary of a publicly traded firm out of Hong Kong. Just as it gets ready to move in, it'll be dealing with a landlord shift. Building owner IndCor was just sold by Blackstone.
The 290k SF was built in 1978 and is part of the Cerritos Distribution Center. David (pictured with daughter Emelia) says OTX also chose the building because there's about 100k SF the company can expand into shortly. The tight South Bay market is a challenge, with a lack of large space and substantially higher rates, which gives a community like Cerritos an opportunity.