Majestic Realty Co. Announces 10-Year Lease Agreement with Poundex Associates Corp.

Strategic Insights -

Poundex Associates Corp., a leading furniture importer and distributor, has signed a ten-year lease at Majestic Grand Crossing for 550,000 square feet of space to house the company's headquarters in City of Industry, California. This strategic move will enable Poundex to consolidate its local operations and expand its product lines. The new facility is expected to be occupied by March 2007.

Majestic Realty Co., a renowned real estate development firm, represented the owner-developer in the transaction. The company's vice president, Hank Darnell, and senior vice president, Kent Valley, were instrumental in securing the lease agreement.

Key Takeaways:

  • Poundex Associates Corp. has secured a 10-year lease at Majestic Grand Crossing for 550,000 square feet of space.
  • The new facility will serve as the company's headquarters and enable Poundex to consolidate local operations and expand its product lines.
  • The lease agreement was brokered by Majestic Realty Co., with Hank Darnell and Kent Valley representing the owner-developer.
  • Poundex is an established importer and distributor of fine furniture, operating since 1989, with offices in New Jersey and Georgia.
  • Majestic Grand Crossing is a 400-acre master-planned industrial center with over 6.45 million square feet at build-out.
  • The facility is strategically located near the intersection of the Pomona (60) and Orange (57) freeways.

Statistics:

  • 550,000 square feet of space leased by Poundex Associates Corp. at Majestic Grand Crossing.
  • 10-year term of the lease agreement.
  • 6.45 million square feet of total space at Majestic Grand Crossing at build-out.
  • 400 acres of land encompassed by the Majestic Grand Crossing industrial center.

Sources:

  • Dolan, E. (2007, March 2007). Daily Breeze.
  • Poundex Associates Corp. Website.
  • Majestic Realty Co. Website.