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NEWPORT BEACH-Koll Development Co., the locally based commercial real estate developer, has secured a new tenant for its Koll Arrow Center industrial complex in Rancho Cucamonga. The tenant, Panolam Group, has signed a $2.8 million, seven-year lease for 97,310 sf at the complex.

Eric Burney and Tal Siglar of Daum Commercial represented Panolam Group.

The complex currently consists of two industrial facilities, Phase I and Phase II, encompassing 208,000 sf and 220,700 sf respectively. The buildings are located at 11089 Tacoma Dr. and 8535 Oakwood Pl. A Colliers Seeley brokerage team, consisting of Peter McWilliams, Kevin McKenna and Tom Taylor, is marketing the property.

The industrial market continues to tighten in Los Angeles County, as the limited supply of new industrial product keeps vacancy levels low. Demand continues to outpace supply, as a dearth of available land has kept the development of new industrial projects in check.

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