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CITY OF INDUSTRY, CA-Unical Aviation Inc. has signed a l$20.6 million lease for 467,119 square feet of industrial space in a building at 680 S. Lemon Ave. that is the largest industrial building leased in Los Angeles and Orange counties in 2009, according to Colliers International, which represented both the landlord and the tenant in the deal. Unical, a provider of aviation parts, will occupy the building as its corporate headquarters and warehouse as the company expands from its existing facility in Irwindale.

According to senior vice president Steven Bellitti of the Ontario office of Colliers, Unical chose the Lemon Avenue facility because it provides them with a high-image, corporate environment combined with a functional, state-of-the art distribution facility. In addition to Bellitti, the Colliers team included senior vice presidents Thomas Taylor of the company’s Ontario office and Chris Sheehan of the Colliers Torrance office.

The building owners are Cardinal Capital Partners and Benenson Capital Partners, both privately held corporate real estate investment firms. Sheehan describes the landlord partnership as “a sophisticated real estate investment group that was able to secure one of the few infill big box requirements in 2009.” Sheehan points out that the building provides Unical with existing features that serve its current requirements as well as future growth needs.

The City of Industry submarket where the 680 S. Lemon Ave. building is located is part of a San Gabriel Valley industrial market of nearly 142 million square feet where average asking rents in the third quarter were 51 cents per square foot per month and average sales prices were $95 per square foot, according to the latest report from Colliers International. The Colliers report said that the San Gabriel Valley overall posted negative net absorption of 962,800 during the quarter and that vacancy increased by 0.7% in the quarter to end at 7%, the highest vacancy in more than four years.

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