The lease, which includes an option to purchase, represents a "premium market price" because of the demand for port-related distribution facilities and because the facility has recently been renovated to render it more suitable for distribution operations, according to CBRE's Steve Batcheller in the firm's Anaheim office and Rich McGeagh of its South Bay office. Batcheller and McGeagh represented First Industrial, with the tenant represented by Bill Waxman of CBRE in New Jersey. The First Industrial Distribution Center, located on Alondra Boulevard, required renovations and reconfiguring before it could be marketed successfully, according to Batcheller and McGeagh.Batcheller says that although the property layout lent itself to a distribution-type tenant, it had not been constructed for maximum functionality. "Demand for distribution facilities near the ports and surrounding submarkets has increased in the last quarter to the point that vacancy has declined sharply and asking rates are up. As a result, tenants are now expanding their search to Inland areas," he says. In an effort to capitalize on the demand for port-related distribution space, CBRE hired Hill-Pinkert Architects to create additional loading and renovate the interior and exterior of the structure. CBRE worked with the architects to gain approval from the City of Santa Fe Springs and hired Oltman's Construction to complete the project. The property now includes 65 dock high doors, loading improvements and other enhancements in addition to the existing heavy power, high security, rail service and access to the Ports of Los Angeles and Long Beach.