Sears Logistics Services Inc. (SLS), an Illinois-based logistics company that serves the supply chain and delivery needs of the retailing giant, Sears, Roebuck & Co., has leased an 85,418-square-foot warehouse and distribution building in the north San Fernando Valley in a transaction valued at $3.1 million, Colliers International has reported. Term of the lease was five years.
Colliers’ Senior Executive Vice President John DeGrinis, SIOR, Vice President Patrick DuRoss, and Associate Vice President Jeff Abraham, all of whom are based in the firm’s Encino office, represented both SLS and the owner of the property, Skypark Industrial Project LLC of Santa Monica, in the transaction. The property is located at 14090 Balboa Blvd. in Sylmar, Calif.
As part of the Sears Holdings network, the company arranges the home delivery of appliances, electronics, furniture, and home improvement products from Sears locations in the U.S.; the transportation of apparel and other products from manufacturers' facilities to store shelves; and manages other transportation and warehousing services for the Sears retail network.
“This transaction will allow SLS to continue operations in a well-located, high-quality distribution and warehousing location to serve its stores and consumers in one of the nation’s most densely populated regions – greater Los Angeles,” said Colliers’ DeGrinis. “The continuing and steady demand for high-quality industrial buildings in the San Fernando Valley, along with the improving economy, made the timing of this lease perfect for both the property owner and for SLS.”
Constructed in 1999 on just over six acres, the free-standing building features multiple dock-high loading doors, immediate access to Interstate 5, one of the state’s most-heavily traveled surface transit routes, as well as access to the freeway network that criss-crosses the Los Angeles basin, including the San Diego (405), Foothill (210), Hollywood (170), Simi Valley (118), Ventura (101), and Glendale (2) freeways.