99 Cent Only Stores rents Commerce distribution center
Discount chain 99 Cents Only Stores Inc. has agreed to rent 622,216 square feet of commercial space in Commerce in one of the largest industrial leases ever in that market, real estate brokers said.
The deal represents a relocation and expansion for Commerce-based 99 Cents Only, said brokerage CB Richard Ellis, which represented landlord ING Clarion Parnters. The warehouse and distribution center 99 Cents Only will occupy is in the 2.5-million-square-foot Commerce Distribution Center at Eastern and Slauson avenues.
Financial details of the transaction were confidential but experts familiar with industrial property prices in Vernon and Commerce valued the deal at about $4.6 million.
Leases for hundreds of thousands of square feet are more common in newly developed markets such as the Inland Empire, brokers said.
“It is very rare to see an industrial lease of this size in a mature, infill industrial market like Commerce,” Dave Hess of CB Richard Elllis said.
-- Roger Vincent
Photo: Inside a 99 Cents Only store in Los Angeles. Credit: Los Angeles Times