LOS ANGELES, Calif. – June 11, 2018 – San Francisco-headquartered Flexport, an emerging full-service air and ocean freight forwarder, has fully leased a recently developed 136,685-square-foot industrial facility in Compton (Los Angeles), California. The company—whose mission is to fix the user experience in global trade and bring the world free trade through technology—represents the first tenant in the facility that completed construction in the fourth quarter of 2017. The property is owned and was developed by Prism Realty Corporation. Rusty Smith of Cushman & Wakefield’s South Bay offices represented the tenant in the transaction.
Set in the dominant South Bay industrial market, the facility is located at 1420 N. McKinley Ave. at E. Rosecrans Ave. The building is situated on 6.7 acres and features 32-ft clear height, 27 dock high doors, 100% concrete truck court and drives, skylights, secured truck yard (fully fenced, gated and lit), heavy power, plus 8,770 sf distinctive two-story-office with two-story atrium lobby. It is also proximate to the renowned Ports of Los Angeles and Long Beach.
Flexport will utilize the facility for its freight-forwarding operation. Now operating a charter flight from Hong Kong a few times a week with plans to intensify ahead, Flexport needed the building in order to be bonded and close to Los Angeles International Airport to support this new charter service that began in May. The company is a licensed customs brokerage and freight forwarder built around an online dashboard, to reduce costs and improve reliability. Its services include air freight, ocean freight, trucking, fulfillment, and cargo insurance. Backed by Google Ventures, Bloomberg Beta, First Round Capital, Y Combinator and many more, Flexport is redefining how companies manage their global supply chain.
According to Cushman & Wakefield’s latest market report, South Bay industrial market vacancy remains at historic lows at just 1.4% in Q1 2018, still well below its mark of 2.1% during the previous peak cycle in 2004. Mr. Smith, who serves as a Director with Cushman & Wakefield’s Industrial Brokerage, said, “The South Bay experienced a slight bump in vacancy to begin 2018 due to the onslaught of over one half million square feet of new product. However, it remains very active and continues to attract both expanding and migrating industrial tenants, and the levels of new construction, especially those modernized and well located such as Flexport’s new facility, is helping fulfill the ongoing historic strong demand in this market.”
Founded in 2013, Flexport is a full-service air and ocean freight forwarder, providing a robust platform and end-to-end service for modern logistics teams. Real-time tracking, structured data, shipment-specific communication, and a dedicated team of experts make running your supply chain through Flexport simple, reliable, and accurate.
We’re 600 people with a vision to turn international logistics into a reliable utility that companies all over the world can depend on to grow their businesses. Flexport now helps more than 10,000 clients and suppliers manage all aspects of their supply chain operations. With offices on three continents, our team is as global as our client base, and we’re excited to continue building a product and service they love. For more visit https://www.flexport.com
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit http://www.cushmanwakefield.com/ or follow @CushWake on Twitter.