The new subtenant will utilize the building, which has a built-out office component amounting to 5,000 sf, for its warehousing and distribution needs. The terms of the transaction were not disclosed.
The deal was arranged on behalf of the sublessor, Jakks Pacific Inc., by CB Richard Ellis. Heading the effort were Scott Belfer, a senior associate with the firm, and associate Robert Pine. Belfer notes that "there were a number of municipal restrictions that had to be overcome."
Sublessor Jakks Pacific Inc. is a Malibu, CA-based company that develops, makes and markets toys and related products for children. The facility was excess space for the company, which has distribution facilities in Connecticut and Pennsylvania.
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