Lee & Associates LA North/Ventura has closed a $13.9-million lease for Snyder-Diamond Corporation, a distributor of kitchen appliances and bathroom fixtures, for a 76,000-square-foot building located in the booming Simi Valley/Moorpark industrial market.
The Lee brokerage team of Scott Caswell, SIOR, principal, and Erica Balin, principal, represented the landlord, Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust focused on creating value by investing in and operating industrial properties located throughout infill Southern California; Snyder-Diamond Corporation was represented by Ron Feder of Peak Commercial in the 10-year lease which is located in an area where demand has outpaced supply.
“The same dynamics that are driving the market for Snyder-Diamond products are fueling unprecedented demand for the market’s limited supply of industrial space. This property’s location allows for expanded distribution capabilities that support their long-term growth in the Southern California region,” said Caswell.
Because of the centralized location, numerous companies -- including Snyder-Diamond -- have targeted Simi Valley as a key region to grow their distribution facilities. This property is Located at 2390 Ward Avenue in Simi Valley, and includes 6,600 square feet of dedicated office space along with a fenced-in rear yard.
This lease also fills a significant portion of the vacant square footage as the market awaits the delivery of new inventory currently under construction. The Simi Valley/Moorpark submarket ended the first quarter with 162,127 square feet of vacant industrial space and a 1.2 percent vacancy rate.
Known as specialists in industrial and commercial properties, the Caswell/Balin team has represented both landlords and tenants in many of the major transactions in the area. This transaction is the 24th transaction for the team completed so far for 2022.