The property at 14001-14003 Orange Ave in Paramount has recently finalized a long-term lease renewal and expansion. The tenant, A.M. Castle & Co., a leading provider of metals, services, and supply chain solutions, will now occupy the entire 282,000-square-foot building.
Represented by The Klabin Company’s Team Noack (Warren Noack, Kimberly Noack Travis) along with Frank Schulz and Tyler Rollema), landlord Ed Drees completed an 84-month lease transaction valued at over $46 million. In addition to this deal, Team Noack also represented Drees in their acquisition of the property back in 2008. Fisher and Co Real Estate Services acted as representatives for A.M Castle & Co.
According to Warren Noack: “A.M Castle had an immediate need for more space and was interested in expanding into the entire square footage offered by this well-located property.” He further added that they have been excellent tenants for their client for many years which made it a win-win situation when they were given the opportunity to renew them while also providing them with additional space.
This recent development showcases how industrial tenants are trading up to full-building occupancy like never before.
