The Los Angeles-based fast-fashion retailer Fashion Nova has signed a lease for a 132,888 square foot warehouse at 12301 Hawkins Street in Santa Fe Springs. This move, according to CoStar, expands Fashion Nova's warehouse space in Santa Fe Springs by approximately 33 percent.
Property owner Clarion Partners, a New York-based real estate investment manager, owns the asset within the Heritage Springs Business Park. The facility includes 12,004 square feet of office space on a 5.4-acre site, according to a JLL marketing brochure. The recently renovated property offers a 30-foot clear height, 18 dock-high loading doors, two ground-level doors, and 175 parking spaces. A request for comment from the owner went unanswered.
Upturn in L.A.'s Industrial Market
This deal contributes to the momentum in L.A. County's industrial market. Leasing activity reached 15.7 million square feet in the second quarter, representing a 40 percent year-on-year increase. This is according to data from CBRE. The market also saw positive net absorption of 2.8 million square feet – the third consecutive positive quarter after ten successive quarters of negative absorption.
The vacancy rate fell by 22 basis points from the first quarter to 5 percent, although landlords continue to face declining rents. Average asking prices dropped to $1.19 per square foot per month, a decrease of 7 percent compared to the previous year and 32.4 percent compared to the second quarter of 2023. The Mid-Counties submarket, which includes Santa Fe Springs, recorded positive absorption of 1.1 million square feet in the quarter and an average asking rent of $1.23 per square foot.
Location and Property Details
- —Address: 12301 Hawkins Street, Santa Fe Springs, California
- —Total Area: 132,888 square feet
- —Office Space Component: 12,004 square feet
- —Plot Size: 5.4 acres
