Lief Labs, a manufacturer and product development innovator of dietary supplements, signed a 111,260 square-foot industrial lease in Valencia, announced Dallas-based commercial real estate firm CBRE.
CBRE’s Craig Peters and Sam Glendon represented the landlord, Rexford Industrial, in the transaction. Ashland Pacific represented Lief Labs. Lief Labs signed a long-term lease for the entire building, located at 29025 – 29055 Avenue Paine, which is currently under construction and is expected to be completed by December of 2021. Initially designed as a four-tenant property, Rexford will be making minor interior modifications to accommodate Lief’s specific needs.
Lief Labs, which began business in 2008, was recognized on the Inc. 5000 fastest-growing private companies list six times and has been rapidly expanding. In 2018, Lief Labs leased the adjacent 112,000 square-foot building located at 28903 Avenue Paine, which is also owned by Rexford Industrial. Lief will remain in the space, and the adjacent state-of-the art facilities will function as Lief’s primary operational hub.
In 2018, Rexford Industrial also purchased a 47,000 square-foot building nearby at 28510 W. Industry Drive, which Lief once occupied but outgrew. Since then, the two companies have built a strong partnership.
“We are thrilled to announce Lief Lab’s new long-term lease,” said Adel Villalobos, Lief’s president and chief executive officer. “Lief Labs is a premier business in the dietary supplement industry and the facility Rexford is building is a best-in-class property that will help Lief continue to streamline its operations and grow our business for years to come.”
Strong tenant demand for distribution space drove the Greater Los Angeles industrial market to its 3rd consecutive quarter with over 10 million square feet of gross activity and larger warehouses have become increasingly harder to find, according to CBRE’s research.
“Industrial vacancy rates are quickly approaching 0% for functional larger buildings in the North Los Angeles Market at a time when demand is reaching all-time highs,” said Peters.”Lief Labs was made aware of this supply/demand imbalance and started lease negotiations early in the construction process.
The result was a win-win-win scenario for Rexford, Lief and Lief’s customers.”
Strategically located distribution centers are highly important for the success of retailers.
About CBRE Group, Inc.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. For more information, visit www.cbre.com.