Lexor Inc. has signed a long-term lease for 187,696 square feet of space at 7400 Hazard Avenue in Westminster, California. The lease comprises the majority of the 258,500-square-foot freestanding warehouse/distribution building owned by Clarion Partners.
The move represents both a consolidation and an expansion for Lexor. The tenant, a leading spa-chair manufacturer, will bring together its multiple local operations under a single roof at the property.
7400 Hazard is an institutional-quality property situated on a rare, oversized 11.82-acre parcel. The property is located near the 405 and 22 freeways and is situated between the Ports of L.A. and Long Beach (12 miles west), Long Beach Airport (9 miles north), and Orange County John Wayne Airport (9 miles south). The facility features 12,000 square feet of two-story office space, 21 dock-high loading positions, three grade loading doors, an average 24-foot clear height, heavy power, 180-foot truck court, and a large yard/trailer storage area.
Rick Ellison, Randy Ellison, and Kyle McGillen of Cushman & Wakefield’s Irvine office represented both the landlord and the tenant in the transaction. “The tenant occupied several buildings in the area,” Randy Ellison says. “The new lease is a strategic consolidation to increase efficiencies while reducing cost. One of the initial challenges of the consolidation was the remaining term on some of its prior leasing obligations. We were able to solve these issues with creative lease terms that mitigated the expense.”
According to Cushman & Wakefield’s latest report, the Orange County industrial market remains one of the strongest in the nation with a vacancy rate of just 1.9 percent at the close of the first quarter of 2018. Further, with just 2.5 million square feet of inventory, the Westminster submarket had zero industrial vacancy at the close of March 2018.
Randy Ellison adds, “The Southern California industrial sector remains extremely robust as well as competitive. As such, large, desirable, well-located facilities such as 7400 Hazard remain incredibly difficult to come by, especially when in close port and freeway proximity. Indicating this demand, Lexor leased the space immediately following the prior occupant’s departure, before the building even officially hit our market vacancy stats.”