In what has become its third transaction on the same Santa Fe Springs industrial site in a period of about two years, Colliers International has completed a lease transaction valued at $12.9 million to Phoenix Warehouse of California for the entire 305,422-square-foot industrial building known as Sorensen Distribution Center.
Phoenix Warehouse is a New Jersey-based, third-party logistics company, which also occupies large distribution centers in three states. Located at 9306 Sorensen Ave., the concrete tilt-up structure, which sits on 13.28 acres, is owned by Industrial Income Trust (IIT), a Denver-based, privately held real estate investment trust (REIT) that owns and operates high-quality distribution warehouses and other industrial properties throughout the United States.
Colliers Senior Executive Vice President Clyde Stauff, who represented IIT in this latest lease transaction , has had a long history with this particular property, according to Colliers Executive Managing Director John Hollingsworth, who noted that this latest transaction was Stauff’s third on this same site since early 2012.
“Not only did he represent IIT in this latest lease transaction, but he also represented the original purchaser of the property, and both the buyer and the seller of the same property, in just one year,” said Hollingsworth. “In 2012 alone, he represented two different buyers and one seller of this property and now, a year later, he has participated in fully leasing the building that was eventually built on the same site that he originally sold.”
In 2012, Stauff represented the Irvine, California-based industrial development firm of Sares-Regis Group when it purchased the site from US Gypsum in February of that year for a total consideration of $10.5 million. Later that same year, after Sares-Regis had constructed the building and was looking for a buyer, Stauff represented both the development firm and the purchaser, IIT, which was seeking to add Class A properties to its industrial investment portfolio. That transaction was valued at $28.8 million.
“The Sorensen Distribution Center’s central location and functional features, such as 32- foot ceilings, an ESFR sprinkler system, 55 dock-high loading doors, and large truck court were ideal for a sophisticated Southern California-based logistics firm,” Stauff added.