A 424,000-square-foot lease has been inked in La Palma, in one of the largest area industrial deals in the past few years.
Third-party logistics firm Quiet Logistics Inc. recently struck a deal to take over the CrossPoint Logistics Center, a warehouse and distribution facility at 6565 Valley View, a few blocks north of the Artesia (91) Freeway.
The site was previously home to Unisource Worldwide, a paper distribution subsidiary of Veritiv Corp.
Colliers Inc. and CBRE Group Inc. represented the landlord and tenant in the deal.
“It’s a long-term lease with an approximate consideration of $28 million,” said Clyde Stauff, a senior executive vice president at the Irvine office of Colliers.
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The Orange County warehouse is the first Southern California location for the Devens, Mass.-based logistics company, which specializes in e-commerce fulfillment.
The company, whose investors include real estate developer Related Cos., has three other warehouses in the U.S.
The Valley View property has been owned for nearly 20 years by Cardinal Capital Partners, a Dallas-based private real estate investment firm. It is upgrading the property for the new tenant.
