X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the net lease market, click here.)

CITY OF INDUSTRY, CA-Fortune 500 diversified manufacturer Leggett & Platt Inc. has signed a seven-year lease for a 179,000-sf warehouse and manufacturing facility at 16040 Stephens St. where it will consolidate operations from two facilities in Pico Rivera, according to Newmark.

Michael Fowler of the Los Angeles office of Newmark, which represented the Carthage, MO-based manufacturer, tells GlobeSt.com that the move is also an expansion for Leggett & Platt, which occupies about 110,000 sf of leased space in the two Pico Rivera facilities.Fowler and Richard Madison of Newmark’s Rutherford, NJ office represented Leggett & Platt. Madison, who began working on the transaction approximately 18 months ago, says that the most challenging aspect of meeting the client’s requirements was the low vacancy in the City of Industry industrial market, where rates have been rising in what Madison termed “the highest-priced industrial district” in Los Angeles County.Financial terms of the Leggett & Platt deal were not disclosed, but asking rates for comparable space run about 40 cents per sf per month, triple net. Regardless of rates, “Good spaces can be very difficult to find” because of the low vacancy in the City of Industry and other L.A. industrial districts, Madison notes.Leggett & Platt’s lease is with landlord the Maybek Co., a locally based private investment group, which was represented by Jay Dick of the Ontario office of CB Richard Ellis and John Hollingsworth of CBRE’s Commerce office. Leggett & Platt is already utilizing some space in the building on a temporary basis, according to Madison, while the landlord carries out a number of renovations on the remaining space. The Stephens Street building was constructed in 1972 and is of single-story, concrete tilt-up construction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.