A team of Colliers International brokers and tenant OnTrac celebrated the grand opening of a 255,528-square-foot warehouse in Sun Valley.
Known as Sun Valley Business Center, the two-building project in the east San Fernando Valley, located at 11063 Pendleton St., was completed last July and became operational in January. Tenant OnTrac, a logistics company specializing in contracting regional shipping services, signed a 10-year lease to occupy the site as a warehouse facility. It will serve as the company’s northern Los Angeles-area hub, from which OnTrac will ship to points anchored at its outer limits by Santa Clarita Valley, Lancaster and Palmdale in the Antelope Valley to the north; Pasadena to the east; and West Hollywood to the south.
OnTrac’s business-to-business clients include Amazon.com Inc., Staples Inc., Blue Shield and Pearson Dental Supply.
What makes the building so ideal for OnTrac is that it is strategically located near the 5 freeway, the 118 freeway and Hollywood Burbank Airport.
Across the street from OnTrac, the second building, totaling 96,970 square feet, has signed two tenants — furniture vendor Home Delivery Link and Safe Light Auto Glass — to five-year and 10-year leases, respectively.
The site is a joint venture between Xebec Realty Partners, which specializes in building urban infill warehousing and distribution buildings, and global real estate investment adviser Barings Real Estate Advisers.
Colliers International Senior Executive Vice President John DeGrinis, Senior Vice President Patrick DuRoss and Vice President Jeff Abraham represented Xebec and Barings. Team DeGrinis, along with Colliers brokers John Kovaleski and David Buchholz from the Silicon Valley office, co-represented OnTrac in the lease transaction.
Triniti Commercial Real Estate of Los Angeles’ George Stavaris and Colette Ramirez also represented the landlords.
“Never in my three decades of brokerage have I seen such strong demand for a project so far in advance of construction completion,” DeGrinis said in a statement. “We had several groups we were negotiating with nearly a year … before it is completed.”