CBRE announced Pelican BioThermal LLC, a manufacturer of temperature-controlled, thermally protected packaging, signed a 54,060-square-foot industrial lease in Valencia.
CBRE’s Craig Peters represented the landlord in the transaction, while CBRE’s Ryan Foley represented Pelican.
Minnesota-based Pelican BioThermal signed a five-year lease at the free-standing warehouse and distribution space, located at 28308 Industry Drive within the Valencia Commerce Center.
The state-of-the-art space features two ground-level doors, six dock-high positions, 28 clear height ceilings and immediate access to Interstate 5 and Highway 126.
“This was perfect timing as Pelican will occupy the space immediately following the move-out of the current tenant,” Peters said in a prepared statement. “We had multiple offers from companies, but Pelican was the preferred tenant, and we are elated to be able to finalize a lease with such a high-quality tenant.”
Pelican BioThermal currently has a comprehensive range of single-use and reusable cold chain passive containers, designed for the global temperature-controlled logistics market and is set to use the space for research, packaging, distribution and assembly.
Strong tenant demand for distribution space drove the Greater Los Angeles industrial market to its third consecutive quarter of gross activity, with more than 10 million square feet and large-block warehouses increasingly hard to find, according to CBRE’s first-quarter research.