CBRE announced Minnesota-based Pelican BioThermal LLC, a manufacturer of temperature controlled, thermally-protected packaging, signed a 54,060 square-foot industrial lease in Valencia.
CBRE’s Craig Peters represented the landlord in the transaction. CBRE’s Ryan Foley represented Pelican. Pelican BioThermal signed a five-year lease at the free-standing warehouse and distribution space, located at 28308 Industry Drive within the Valencia Commerce Center.
The state-of-the-art space features two ground level doors, six dock high positions, 28 clear height ceilings and immediate access to Interstate 5 and Highway 126.
“This was perfect timing as Pelican will occupy the space immediately following the move-out of the current tenant,” said Peters. “We had multiple offers from companies but Pelican was the preferred tenant, and we are elated to be able to finalize a lease with such a high-quality tenant.”
Pelican BioThermal currently has a comprehensive range of single-use and reusable cold chain passive containers, designed for the global temperature-controlled logistics market and will use the space for research, packaging, distribution and assembly.
Strong tenant demand for distribution space drove the Greater Los Angeles industrial market to its third consecutive quarter of gross activity with over 10 million square feet and large-block warehouses increasingly hard to find, according to CBRE’s first-quarter research. Strategically located distribution centers are increasingly important for the success of retailers. Availability of such space remains tight, with the market-wide vacancy rate declining to 1.7 percent.
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. Visit CBRE’s website at www.cbre.com.