Moulton Logistics Management Inc. has renewed leases for 255,404 square feet of industrial space at two adjacent properties in Van Nuys, according brokerage firm CBRE Group. Financial terms were not disclosed.
Moulton – which was founded in 1968 and is headquartered in Van Nuys – will renew its leases for 175,660 square feet at 7855 Hayvenhurst Ave. and 79,744 square feet at 16620 Stagg St.
CBRE’s Bennett Robinson represented the tenant, an order fulfillment and logistics provider for retail customers. Robinson also brokered on behalf of the landlord Prologis at both buildings. Prologis is the top industrial owner in the greater Los Angeles, Inland Empire and Orange County region with more than 82.4 million square feet of rentable space in the region, according to CBRE data.
“Although these buildings are not new, they are state-of-the-art and sit in an excellent location,” Robinson said in a statement. “Our region boasts some of the lowest industrial vacancy in the nation. Many of our clients prefer to renew their leases – even if they reset at a higher level – than trying to find suitable product anywhere else.”