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The acquisition of GRM China will expand Iron Mountain's presence in Beijing, Shanghai, Guangdong, Qingdao, Dalian, Chengdu and Wuhan (including more than 2.5 million cubic feet of storage).
Los Angeles-based Hudson Pacific will own a 55% interest in the joint venture and will serve as the managing member and day-to-day operator of the property, while Allianz will own 45% interest.
The property at 5401 Watson Drive is located in the Mesa del Sol community about eight miles outside of Albuquerque and is 100% leased to an affiliate of Fidelity Investments.
The new warehouse is strategically positioned to allow Overstock to offer two-day ground shipping to more than 99% of customers in the contiguous United States.
The lease procurements underway since 2015 are poised to yield longer-term lease contracts as those procurements are completed and the leases commence.
“The Lehigh Valley has emerged as a new source for companies with large space requirements that also benefit from proximity to the region's major consumer bases,” says Brandi Hanback of the Rockefeller Group.
While Portland has experienced in-migration from other markets, the MSA's future isn't necessarily all about the big players but rather the boom of startups as Portland is known for growing local business.
WeWork is planning to open a third location in Orange County, which until now has been slower to adopt co-working than other Southern California markets.