Carmichael Intl. Moves Headquarters into 29K SF at Omninet’s LA Corporate Center
San Gabriel Valley has some of the lowest and rents and availability in L.A. County
By Greg Cornfield August 7, 2020 1:55 pm
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Omninet Capital has been one of the busiest real estate firms in Los Angeles since the pandemic hit, and now the Beverly Hills-based company has added another office tenant to its roster.
Although leasing activity around the country was cut in half last quarter, Carmichael International Service signed a long-term lease to move its headquarters to the entire second floor at Omninet’s 1200 Corporate Center Drive in Monterey Park, about 5 miles east of Downtown L.A. The nearly 28,800-square-foot deal will cost Carmichael International $10.4 million. The length of the lease was not disclosed.
L.A.-based Carmichael is a customs broker and freight forwarder that offers services such as logistics and transportation, supply chain management, and warehousing.
The three-story, Class A office building totals 84,600 square feet on a nearly 5-acre site in the center of the L.A. Corporate Center in the western part of the San Gabriel Valley, which has some of the lowest availability rates and rents in the county. The submarket’s vacancy was 14 percent last quarter, and rent was at $2.30 per square foot, according to Savills’ second quarter report. For comparison, the overall county hit 18.6 percent vacancy at $3.64 per square foot in that period.
After the coronavirus outbreak and shelter-in-place orders were enacted, Omninet continued to make moves around L.A. County, and the firm plans to make another $250 million in acquisitions by the end of this year.
For a combined $78 million, Omninet purchased the Commerce Plaza office campus from Thomas Barrack’s Colony Capital as well the Park Del Amo office campus from TA Associates. Omninet also acquired another office portfolio from Topa Equities for $55 million, and, last month, the firm acquired a multifamily property for $72 million from Jamison Properties.
Joseph Faulkner with NAI Capital represented Carmichael International. Omninet Capital was represented by Linda Lee, Bill Boyd and Scott Unger with Kidder Mathews.
