LOS ANGELES—Rock Climbing company Sender One has completed a lease transaction for a 30,000-square-foot industrial facility, GlobeSt.com reports in this exclusive story. As part of the lease agreement, the landlord is raising the building’s roof to 60 feet to accommodate Sender One’s 50-foot rock climbing walls.
The industrial building is located at 11220 Hindry Ave. in Los Angeles. Raising the roof to that height was a significant challenge for the landlord. “We were proud to reach the finish line on this lease given all the obstacles we had to overcome,” Greg Pieratt, a principal at Lee & Associates North San Diego office who represented Sender One in the lease transaction, tells GlobeSt.com. “This is always a substantial hurdle to overcome with a landlord and we are excited our partnership with this landlord group came together to allow for the vision.” In addition to the landlord’s approval, Sender One also required FAA‘s approval because the building was in close proximity to LAX.
In June of last year, Pieratt represented the rock climbing company when they opened their first location in Santa Ana. The success of that location drove them to expand into the Los Angeles market. The lease has a 16-year term and is valued at $5.3 million.
Renovation and conversions of industrial properties is growing in popularity, but is most common in the downtown market. Lee & Associates recently closed the market’s largest industrial transaction: the $19 million sale of the former Coca-Cola building in the arts district. The developers, Atlas L.A. 4th Street LLC, plan to convert the space into creative office space and retail.