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AZUSA, CA-Blue Ribbon Baking Inc. signed a 10-year, $4.3 million lease for 86,500 sf, more than half of a 160,000-sf building at 823 W. Eighth St. in Azusa.

The company will move its 80-person operation from Irwindale, Calif., according to Cushman & Wakefield brokers John Minervini, Robin Dodson, Erik Larson and David Hess, who represented Blue Ribbon.

The baker’s new space is in Azusa Industrial Center, which is owned by SSR Realty Advisors Inc. SSR was represented by Phil Lombardo of Trammell Crow.

The Blue Ribbon lease and other recent San Gabriel Valley transactions, brokers say, show that demand for industrial real estate in the valley remains steady in an overall weak market. A report from CB Richard Ellis, for example, shows that sales and leasing activity in the San Gabriel Valley rose 61% in the first quarter to 2.9 million sf from 1.1 million sf last quarter.

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