The CoStar Industrial Report

Transcription

1 The CoStar Industrial Report Y E A R - E N D

2 YEAR-END 2010 LOS ANGELES Table of Contents Table of Contents A Methodology B Terms & Definitions C Market Highlights & Overview CoStar Markets & Submarkets Employment & Tenant Analysis Employment & Unemployment Analysis Tenant Profiles Inventory & Development Analysis Construction Activity Map Inventory & Development Analysis Select Top Deliveries Select Top Under Construction Properties Figures at a Glance Figures at a Glance by Building Type & Market Figures at a Glance by Building Type & Submarket Historical Figures at a Glance Leasing Activity Analysis Leasing Activity Map Leasing Activity Analysis Select Top Lease Transactions Sales Activity Analysis Sales Activity Analysis Select Top Sales Transactions Select Same Building Sales Select Land Sales Analysis of Individual CoStar Markets Antelope Valley Market Carson/Rancho Domingz Market Central LA Market Commerce Area Market Conejo Valley Market Eastern SGV Market El Segundo/Hawthorne Market Gardena/110 Corridor Market Long Beach Area Market Lower SGV Market Lynwood/Paramount Market Mid Counties-LA Market Northwest SGV Market SCV/Lancaster/Palmdale Market SFV East Market SFV West Market Southwest SGV Market Torrance/Beach Cities Market Upper SGV Market Ventura County Market Vernon Area Market Westside Market 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT A

3 LOS ANGELES YEAR-END 2010 Methodology The CoStar Industrial Report calculates Industrial statistics using CoStar Group's base of existing, under construction and under renovation Industrial buildings in each given metropolitan area. All Industrial building types are included, including warehouse, flex / research & development, distribution, manufacturing, industrial showroom, and service buildings, in both single-tenant and multi-tenant buildings, including owner-occupied buildings. CoStar Group's national database includes approximately 71.7 billion square feet of coverage in 3 million properties. All rental rates reported in the CoStar Industrial Report are calculated using the quoted rental rate for each property. For information on subscribing to CoStar s other products and services, please contact us at COSTAR, or visit our web site at Copyright 2010 CoStar Group, Inc. All Rights Reserved. Although CoStar makes efforts to ensure the accuracy and reliability of the information contained herein, CoStar makes no guarantee, representation or warranty regarding the quality, accuracy, timeliness or completeness of the information. The publication is provided as is and CoStar expressly disclaims any guarantees, representations or warranties of any kind, including those of MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. CoStar Group, Inc L ST NW Washington, DC USA (800) NASDAQ: CSGP B THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

4 YEAR-END 2010 LOS ANGELES Terms & Definitions Availability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet. Available Space: The total amount of space that is currently being marketed as available for lease in a given time period. It includes any space that is available, regardless of whether the space is vacant, occupied, available for sublease, or available at a future date. Build-to-Suit: A term describing a particular property, developed specifically for a certain tenant to occupy, with structural features, systems, or improvement work designed specifically for the needs of that tenant. A build-to-suit can be leased or owned by the tenant. In a leased build-to-suit, a tenant will usually have a long term lease on the space. Buyer: The individual, group, company, or entity that has purchased a commercial real estate asset. Cap Rate: Short for capitalization rate. The Cap Rate is a calculation that reflects the relationship between one year s net operating income and the current market value of a particular property. The Cap Rate is calculated by dividing the annual net operating income by the sales price (or asking sales price). CBD: Abbreviation for Central Business District. (See also: Central Business District) Central Business District: The designations of Central Business District (CBD) and Suburban refer to a particular geographic area within a metropolitan statistical area (MSA) describing the level of real estate development found there. The CBD is characterized by a high density, well organized core within the largest city of a given MSA. Class A: A classification used to describe buildings that generally qualify as extremely desirable investment-grade properties and command the highest rents or sale prices compared to other buildings in the same market. Such buildings are well located and provide efficient tenant layouts as well as high quality, and in some buildings, one-of-a-kind floor plans. They can be an architectural or historical landmark designed by prominent architects. These buildings contain a modern mechanical system, and have above-average maintenance and management as well as the best quality materials and workmanship in their trim and interior fittings. They are generally the most attractive and eagerly sought by investors willing to pay a premium for quality. Class B: A classification used to describe buildings that generally qualify as a more speculative investment, and as such, command lower rents or sale prices compared to Class A properties. Such buildings offer utilitarian space without special attractions, and have ordinary design, if new or fairly new; good to excellent design if an older non-landmark building. These buildings typically have average to good maintenance, management and tenants. They are less appealing to tenants than Class A properties, and may be deficient in a number of respects including floor plans, condition and facilities. They lack prestige and must depend chiefly on a lower price to attract tenants and investors. Class C: A classification used to describe buildings that generally qualify as no-frills, older buildings that offer basic space and command lower rents or sale prices compared to other buildings in the same market. Such buildings typically have below-average maintenance and management, and could have mixed or low tenant prestige, inferior elevators, and/or mechanical/electrical systems. These buildings lack prestige and must depend chiefly on a lower price to attract tenants and investors. Construction Starts: Buildings that began construction during a specific period of time. (See also: Deliveries) Contiguous Blocks of Space: Space within a building that is, or is able to be joined together into a single contiguous space. Deliveries: Buildings that complete construction during a specified period of time. In order for space to be considered delivered, a certificate of occupancy must have been issued for the property. Delivery Date: The date a building completes construction and receives a certificate of occupancy. Developer: The company, entity or individual that transforms raw land to improved property by use of labor, capital and entrepreneurial efforts. Direct Space: Space that is being offered for lease directly from the landlord or owner of a building, as opposed to space being offered in a building by another tenant (or broker of a tenant) trying to sublet a space that has already been leased. : The square footage of buildings that have received a certificate of occupancy and are able to be occupied by tenants. It does not include space in buildings that are either planned, under construction or under renovation. Flex Building: A type of building designed to be versatile, which may be used in combination with office (corporate headquarters), research and development, quasi-retail sales, and including but not limited to industrial, warehouse, and distribution uses. A typical flex building will be one or two stories with at least half of the rentable area being used as office space, have ceiling heights of 16 feet or less, and have some type of drive-in door, even though the door may be glassed in or sealed off. Full Service Rental Rate: Rental rates that include all operating expenses such as utilities, electricity, janitorial services, taxes and insurance. Gross Absorption: The total change in occupied space over a given period of time, counting space that is occupied but not space that is vacated by tenants. Gross absorption differs from leasing Activity, which is the sum of all space leased over a certain period of time. Unless otherwise noted Gross Absorption includes direct and sublease space. Growth in Inventory: The change in size of the existing square footage in a given area over a given period of time, generally due to the construction of new buildings. Industrial Building: A type of building adapted for such uses as the assemblage, processing, and/or manufacturing of products from raw materials or fabricated parts. Additional uses include warehousing, distribution, and maintenance facilities. The primary purpose of the space is for storing, producing, assembling, or distributing product. Landlord Rep: (Landlord Representative) In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the owner/landlord is referred to as the Landlord Rep. Leased Space: All the space that has a financial lease obligation. It includes all leased space, regardless of whether the space is currently occupied by a tenant. Leased space also includes space being offered for sublease. Leasing Activity: The volume of square footage that is committed to and signed under a lease obligation for a specific building or market in a given period of time. It includes direct leases, subleases and renewals of existing leases. It also includes any pre-leasing activity in planned, under construction, or under renovation buildings. Market: Geographic boundaries that serve to delineate core areas that are competitive with each other and constitute a generally accepted primary competitive set of areas. Markets are buildingtype specific, and are non-overlapping contiguous geographic designations having a cumulative sum that matches the boundaries of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets) 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT C

5 LOS ANGELES YEAR-END 2010 Multi-Tenant: Buildings that house more than one tenant at a given time. Usually, multi-tenant buildings were designed and built to accommodate many different floor plans and designs for different tenant needs. (See also: Tenancy). Net Absorption: The net change in occupied space over a given period of time. Unless otherwise noted Net Absorption includes direct and sublease space. Net Rental Rate: A rental rate that excludes certain expenses that a tenant could incur in occupying office space. Such expenses are expected to be paid directly by the tenant and may include janitorial costs, electricity, utilities, taxes, insurance and other related costs. New Space: Sometimes called first generation space, refers to space that has never been occupied and/or leased by a tenant. Occupied Space: Space that is physically occupied by a tenant. It does not include leased space that is not currently occupied by a tenant. Office Building: A type of commercial building used exclusively or primarily for office use (business), as opposed to manufacturing, warehousing, or other uses. Office buildings may sometimes have other associated uses within part of the building, i.e., retail sales, financial, or restaurant, usually on the ground floor. Owner: The company, entity, or individual that holds title on a given building or property. Planned/Proposed: The status of a building that has been announced for future development but not yet started construction. Preleased Space: The amount of space in a building that has been leased prior to its construction completion date, or certificate of occupancy date. Price/SF: Calculated by dividing the price of a building (either sales price or asking sales price) by the Rentable Building Area (RBA). Property Manager: The company and/or person responsible for the day-to-day operations of a building, such as cleaning, trash removal, etc. The property manager also makes sure that the various systems within the building, such as the elevators, HVAC, and electrical systems, are functioning properly. Quoted Rental Rate: The asking rate per square foot for a particular building or unit of space by a broker or property owner. Quoted rental rates may differ from the actual rates paid by tenants following the negotiation of all terms and conditions in a specific lease. RBA: Abbreviation for Rentable Building Area. (See also: Rentable Building Area) Region: Core areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are further divided into market areas, called Markets. (See also: Markets) Relet Space: Sometimes called second generation or direct space, refers to existing space that has previously been occupied by another tenant. Rentable Building Area: (RBA) The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant s rental obligation. Generally RBA includes a percentage of common areas including all hallways, main lobbies, bathrooms, and telephone closets. Rental Rates: The annual costs of occupancy for a particular space quoted on a per square foot basis. Sales Price: The total dollar amount paid for a particular property at a particular point in time. Sales Volume: The sum of sales prices for a given group of buildings in a given time period. Seller: The individual, group, company, or entity that sells a particular commercial real estate asset. SF: Abbreviation for Square Feet. Single-Tenant: Buildings that are occupied, or intended to be occupied by a single tenant. (See also: Build-to-suit and Tenancy) Sublease Space: Space that has been leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation. Sublease space is sometimes referred to as sublet space. Submarkets: Specific geographic boundaries that serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted primary competitive set, or peer group. Submarkets are building type specific (office, industrial, retail, etc.), with distinct boundaries dependent on different factors relevant to each building type. Submarkets are non-overlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the Market they are located within (See also: Market). Suburban: The Suburban and Central Business District (CBD) designations refer to a particular geographic area within a metropolitan statistical area (MSA). Suburban is defined as including all office inventory not located in the CBD. (See also: CBD) Tenancy: A term used to indicate whether or not a building is occupied by multiple tenants (See also: Multi-tenant) or a single tenant. (See also: Single-tenant) Tenant Rep: Tenant Rep stands for Tenant Representative. In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the tenant is referred to as a Tenant Rep. Time On Market: A measure of how long a currently available space has been marketed for lease, regardless of whether it is vacant or occupied. Under Construction: The status of a building that is in the process of being developed, assembled, built or constructed. A building is considered to be under construction after it has begun construction and until it receives a certificate of occupancy. Rate: A measurement expressed as a percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Under construction space generally is not included in vacancy calculations. Vacant Space: Space that is not currently occupied by a tenant, regardless of any lease obligation that may be on the space. Vacant space could be space that is either available or not available. For example, sublease space that is currently being paid for by a tenant but not occupied by that tenant, would be considered vacant space. Likewise, space that has been leased but not yet occupied because of finish work being done, would also be considered vacant space. Weighted Average Rental Rate: Rental rates that are calculated by factoring in, or weighting, the square footage associated with each particular rental rate. This has the effect of causing rental rates on larger spaces to affect the average more than that of smaller spaces. The weighted average rental rate is calculated by taking the ratio of the square footage associated with the rental rate on each individual available space to the square footage associated with rental rates on all available spaces, multiplying the rental rate by that ratio, and then adding together all the resulting numbers. Unless specifically specified otherwise, rental rate averages include both Direct and Sublet available spaces. Year Built: The year in which a building completed construction and was issued a certificate of occupancy. YTD: Abbreviation for Year-to-Date. Describes statistics that are cumulative from the beginning of a calendar year through whatever time period is being studied. D THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

6 OVERVIEW YEAR-END 2010 LOS ANGELES Los Angeles s Decreases to 5.1% Net Absorption Positive 1,097,373 SF in the Quarter The Los Angeles Industrial market ended the fourth quarter 2010 with a vacancy rate of 5.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,097,373 square feet in the fourth quarter. Vacant sublease space decreased in the quarter, ending the quarter at 3,244,742 square feet. Rental rates ended the fourth quarter at $6.97, a decrease over the previous quarter. A total of four buildings delivered to the market in the quarter totaling 298,937 square feet, with 1,006,298 square feet still under construction at the end of the quarter. Absorption Net absorption for the overall Los Angeles Industrial market was positive 1,097,373 square feet in the fourth quarter That compares to positive 125,630 square feet in the third quarter 2010, positive 48,935 square feet in the second quarter 2010, and negative (4,522,500) square feet in the first quarter Tenants moving out of large blocks of space in 2010 include: South Coast Transportation & Distribution moving out of (219,097) square feet at 1130 E 230th St, and Paper Mart moving out of (201,088) square feet at Alexander Rd, and Frontier Logistics Services moving out of (200,892) square feet at 800 E 230th St. Tenants moving into large blocks of space in 2010 include: Casedge, Inc. moving into 449,350 square feet at S Mayo Ave, CEVA Direct moving into 284,885 square feet at Bishop Ave, and Western Pacific Pulp & Paper moving into 250,643 square feet at 9400 Hall Rd. The Flex building market recorded net absorption of negative (69,012) square feet in the fourth quarter 2010, compared to positive 89,833 square feet in the third quarter 2010, negative (119,024) in the second quarter 2010, and negative (859,656) in the first quarter The Warehouse building market recorded net absorption of positive 1,166,385 square feet in the fourth quarter 2010 compared to positive 35,797 square feet in the third quarter 2010, positive 167,959 in the second quarter 2010, and negative (3,662,844) in the first quarter The Industrial vacancy rate in the Los Angeles market area decreased to 5.1% at the end of the fourth quarter During the previous three quarters of 2010, the vacancy rate was 5.2%. Flex projects reported a vacancy rate of 7.4% at the end of the fourth quarter 2010, 7.3% at the end of the third quarter 2010, 7.4% at the end of the second quarter 2010, and 7.2% at the end of the first quarter Warehouse projects reported a vacancy rate of 4.9% at the end of the fourth quarter During the previous three quarters of 2010, the vacancy rate was 5.0%. Largest Lease Signings The largest lease signings occurring in 2010 included: the 525,000-square-foot lease signed by Home Depot (Distribution) at Grand Crossing - Bldg 20 in the Lower SGV market; the 449,049-square-foot deal signed by Logistics Team at 501 Cheryl Ln in the Lower SGV market; and the 407,638-square-foot sublease signed by Pilot Automotive Inc. at Temple Ave in the Lower SGV market. Sublease The amount of vacant sublease space in the Los Angeles market decreased to 3,244,742 square feet by the end of the Rates by Building Type % Flex Warehouse Total Market 10% 8% Rate 6% 4% 2% 0% COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 1

7 LOS ANGELES YEAR-END 2010 OVERVIEW fourth quarter 2010, from 3,525,242 square feet at the end of the third quarter There was 3,742,075 square feet vacant at the end of the second quarter 2010 and 4,271,741 square feet at the end of the first quarter Los Angeles s Flex projects reported vacant sublease space of 105,952 square feet at the end of fourth quarter 2010, down from the 306,650 square feet reported at the end of the third quarter There were 412,163 square feet of sublease space vacant at the end of the second quarter 2010, and 333,227 square feet at the end of the first quarter Warehouse projects reported decreased vacant sublease space from the third quarter 2010 to the fourth quarter Sublease vacancy went from 3,218,592 square feet to 3,138,790 square feet during that time. There were 3,329,912 square feet at the end of the second quarter 2010, and 3,938,514 square feet at the end of the first quarter Rental Rates The average quoted asking rental rate for available Industrial space was $6.97 per square foot per year at the end of the fourth quarter 2010 in the Los Angeles market area. This represented a 1.6% decrease in quoted rental rates from the end of the third quarter 2010, when rents were reported at $7.08 per square foot. The average quoted rate within the Flex sector was $14.53 per square foot at the end of the fourth quarter 2010, while Warehouse rates stood at $6.59. At the end of the third quarter 2010, Flex rates were $14.59 per square foot, and Warehouse rates were $6.69. U.S. Comparison Past 10 Quarters Rate % 6.0% 4.0% 2008 Source: CoStar Property q 2009 Los Angeles q q 2010 United States q q Deliveries and Construction During the fourth quarter 2010, four buildings totaling 298,937 square feet were completed in the Los Angeles market area. This compares to eight buildings totaling 188,097 square feet that were completed in the third quarter 2010, eight buildings totaling 183,135 square feet completed in the second quarter 2010, and 36,250 square feet in seven buildings completed in the first quarter There were 1,006,298 square feet of Industrial space under construction at the end of the fourth quarter Some of the notable 2010 deliveries include: Nelson Ave, a 200,000-square-foot facility that delivered in fourth quarter 2010 and is now 74% occupied, and 5560 E 61st St, an 80,955- square-foot building that delivered in fourth quarter 2010 and is now 100% occupied. The largest projects underway at the end of fourth quarter 2010 were 4700 Azusa Canyon Rd, a 656,000-square-foot building with 100% of its space pre-leased, and 2211 E Carson St, a 270,764-square-foot facility that is 0% pre-leased. Inventory Total Industrial inventory in the Los Angeles market area amounted to 1,048,134,114 square feet in 36,626 buildings as of the end of the fourth quarter The Flex sector consisted of 71,134,169 square feet in 2,989 projects. The Warehouse sector consisted of 976,999,945 square feet in 33,637 buildings. Within the Industrial market there were 4,655 owner-occupied buildings accounting for 191,896,018 square feet of Industrial space. Sales Activity Tallying industrial building sales of 15,000 square feet or larger, Los Angeles industrial sales figures rose during the third quarter 2010 in terms of dollar volume compared to the second quarter of In the third quarter, 80 industrial transactions closed with a total volume of $349,969,970. The 80 buildings totaled 4,363,216 square feet and the average price per square foot equated to $80.21 per square foot. That compares to 67 transactions totaling $308,332,038 in the second quarter. The total square footage was 4,794,408 for an average price per square foot of $ Total year-to-date industrial building sales activity in 2010 is up compared to the previous year. In the first nine months of 2010, the market saw 192 industrial sales transactions with a total volume of $838,056,270. The price per square foot has averaged $73.17 this year. In the first nine months of 2009, the market posted 112 transactions with a total volume of $456,295,566. The price per square foot averaged $ Cap rates have been higher in 2010, averaging 8.02%, compared to the first nine months of last year when they averaged 7.10%. One of the largest transactions that has occurred within the last four quarters in the Los Angeles market is the sale of 4 buildings in the Century Business Center in Hawthorne. The 1,373,096-square-feet of industrial buildings sold for $40,000,000, or $29.13 per square foot. The 4 buildings sold on 4/28/2010, at an 8.80% cap rate. Reports compiled by: Paula Bonner and David Blake, CoStar Research Manager. 2 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

8 MARKETS YEAR-END 2010 LOS ANGELES CoStar Markets & Submarkets In analyzing metropolitan areas in the U.S., CoStar has developed geographic designations to help group properties together, called Regions, Markets and Submarkets. Regions are the equivalent of metropolitan areas, or areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are then divided into Markets, which are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Markets are then further subdivided into smaller units called Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group. Markets Antelope Valley Ind Submarkets Antelope Valley Ind Carson/Rancho Domingz Ind Carson Central Ind Carson North Ind Carson South Ind Compton East Ind Compton West Ind Rancho Dominguez Ind Central LA Ind Central Los Angeles Ind Commerce Area Ind Commerce Ind Montebello/Whittier Ind Conejo Valley Ind Agoura/Wlake V/T Oaks Ind Moorpark/Simi Val Ind Eastern SGV Ind Claremont Ind Diamond Bar Ind La Verne Ind Pomona North Ind Pomona SE Ind Pomona SW Ind San Dimas Ind El Segundo/Hawthorne Ind El Segundo Ind Hawthorne Ind Inglewood Ind Lawndale Ind Gardena/110 Corridor Ind Gardena Central Ind Gardena East Ind Gardena NE Ind Gardena North Central Ind Gardena North Ind Gardena NW Ind Gardena South Ind Long Beach Area Ind Lakewood Ind Long Beach North Ind Long Beach SE Ind Long Beach SW Ind San Pedro Ind Signal Hill Ind Wilmington Ind Lower SGV Ind City of Industry Cent Ind City of Industry East Ind City of Industry West Ind Industry/Hacienda Blv Ind Industry/La Puente Ind Industry/Rowland St Ind West Covina/Walnut Ind Lynwood/Paramount Ind Lynwood Ind Paramount North Ind Paramount South Ind Mid Counties-LA Ind Cerritos Ind Downey Ind La Mirada Ind Norwalk/Bellflower Ind Santa Fe Springs Ind Northwest SGV Ind Alhambra Ind Arcadia/Sierra Madre Ind El Monte Ind Monrovia Ind Rosemead Ind San Gabriel Ind Temple City Ind SCV/Lancaster/Palmdale Ind Santa Clarita/Lancstr Ind SFV East Ind Burbank Ind East San Ferndo Vlly Ind Glendale Ind North Hollywood Ind Pasadena Ind SFV West Ind Canoga Park Ind Chatsworth Ind Encino Ind Northridge Ind Tarzana Ind W San Fern Val Ind Woodland Hills Ind Southwest SGV Ind South El Monte NE Ind South El Monte NW Ind South El Monte SE Ind Torrance/Beach Cities Ind Beach Cities Ind Torrance Central Ind Torrance NE Ind Torrance NW Ind Torrance South Ind Upper SGV Ind Azusa Ind Baldwin Park Ind Covina Ind Duarte Ind Glendora Ind Irwindale Ind Ventura County Ind Central Ventura Ind Oxnard/Pt Hueneme Ind Ventura Ind Vernon Area Ind Vernon Ind Westside Ind Topanga/Malibu Ind Westside Ind 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 3

9 LOS ANGELES YEAR-END 2010 EMPLOYMENT AND TENANT Total Employment by Industry Percent of Total Employment by Industry Total Employment Growth Total Number of Jobs Added Per Year 4% 15% 10% 0% 3% 14% 10% 14% 18% 6% 6% Natural Resources & Mining Construction Manufacturing Trade, Transportation & Utilities Information Financial Activities Professional & Business Services Education & Health Services Leisure & Hospitality Other Services Government Percent Growth 3.0% 1.0% -1.0% % -4.0% -5.0% -6.0% -7.0% -8.0% Los Angeles U.S. Average Source: Department of Labor, Bureau of Labor Statistics Source: Department of Labor, Bureau of Labor Statistics Total Employment Growth Cumulative Growth in Jobs Over the Past 5 Years Market Employment Growth Inventory Growth Difference Atlanta -6.50% 3.70% % Chicago -4.70% 4.10% -8.80% Dallas/Ft Worth 1.80% 7.10% -5.30% Denver -3.20% 3.30% -6.50% Detroit -9.90% 0.80% % Houston 4.00% 6.60% -2.60% Inland Empire (California) -9.00% 14.10% % Los Angeles -6.30% 1.20% -7.50% Northern New Jersey -2.50% 2.30% -4.80% Pittsburgh -1.60% 1.90% -3.50% Source: Department of Labor, Bureau of Labor Statistics Historical Unemployment Rates Industrial* Employment Growth Number of Industrial* Jobs Added Per Year Percent Growth Los Angeles U.S. Average 1.0% -1.0% % -4.0% -5.0% -6.0% -7.0% -8.0% -9.0% Source: Department of Labor, Bureau of Labor Statistics. * Industrial employment is defined as jobs in the Manufacturing, and Trade, Transportation & Utilities industries 14.0% Los Angeles U.S. Average 1 Percent Unemployment 1 8.0% 6.0% 4.0% Source: Department of Labor, Bureau of Labor Statistics 4 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

10 EMPLOYMENT AND TENANT YEAR-END 2010 LOS ANGELES Flex Tenants by Size Range Based on Total Number of Tenants Warehouse Tenants by Size Range Based on Total Number of Tenants 75,000 SF & Up 2.2% 75,000 SF & Up 10.3% 50,000-74,999 SF 2.9% 50,000-74,999 SF 6.9% 25,000-49,999 SF 5.6% 25,000-49,999 SF 12.3% 10,000-24,999 SF 13.8% 10,000-24,999 SF 19.0% 5,000-9,999 SF 15.4% 5,000-9,999 SF 14.1% 2,500-4,999 SF 19.6% 2,500-4,999 SF 10.8% Up to 2,499 SF 40.6% Up to 2,499 SF 26.7% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Percentage of Tenants 0% 5% 10% 15% 20% 25% 30% Percentage of Tenants Source: CoStar Tenant Flex Tenants by Lease Expiration Based on Total Square Footage of Tenants Source: CoStar Tenant Warehouse Lease Expiration Based on Total Square Footage of Tenants % % % % % % % % % % % % 0% 5% 10% 15% 20% 25% Percentage of Tenants 0% 5% 10% 15% 20% Percentage of Tenants 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 5

11 LOS ANGELES YEAR-END 2010 INVENTORY & DEVELOPMENT Construction Highlights in Select CoStar Markets Color Coded by Under Construction Square Footage as a Percentage of 6 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

12 INVENTORY & DEVELOPMENT YEAR-END 2010 LOS ANGELES Historical Deliveries Deliveries Average Delivered SF Millions of SF * Future deliveries based on current under construction buildings. Construction Activity Markets Ranked by Under Construction RBA Under Construction Inventory Average Bldg Size Market # Bldgs Total RBA Preleased SF Preleased % All Existing U/C Upper SGV Ind 1 656, , , ,000 Carson/Rancho Domingz Ind 1 270, , ,764 Vernon Area Ind 1 37,640 37, ,422 37,640 SFV West Ind 1 29, ,788 29,901 Southwest SGV Ind 1 7, ,240 7,500 Eastern SGV Ind 1 4, ,670 4,493 Ventura County Ind ,131 0 El Segundo/Hawthorne Ind ,899 0 Gardena/110 Corridor Ind ,235 0 Long Beach Area Ind ,340 0 All Other ,871 0 Totals 6 1,006, , % 28, ,716 Recent Deliveries Leased & Un-Leased SF in Deliveries Since 2006 Future Deliveries Preleased & Un-Leased SF in Properties Scheduled to Deliver 10.0 Leased Un-Leased 700 Preleased Un-Leased Millions of SF Thousands of SF T q COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 7

13 LOS ANGELES YEAR-END 2010 INVENTORY & DEVELOPMENT Historical Construction Starts & Deliveries Square Footage Per Quarter Starting and Completing Construction 2.5 Construction Starts Deliveries Millions of SF q q q q Recent Deliveries by Project Size Breakdown of Year-to-Date Development Based on RBA of Project Building Size # Bldgs RBA SF Leased % Leased Avg Rate Single-Tenant Multi-Tenant < 50,000 SF ,777 70, % $ , ,929 50,000 SF - 99,999 SF 3 209, , % $ , , ,000 SF - 249,999 SF 1 200, , % $ , ,000 SF - 499,999 SF $ >= 500,000 SF $ Recent Development by Tenancy Comparison Based on RBA Developed for Single & Multi-Tenant Use Based on Total RBA 2010 Deliveries Currently Under Construction By Building Type By Tenancy Type 13% 31% 7% 51% 49% 87% 69% 93% Multi Single Multi Single Flex Warehouse Multi Single 8 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

14 INVENTORY & DEVELOPMENT YEAR-END 2010 LOS ANGELES 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 9

15 LOS ANGELES YEAR-END 2010 INVENTORY & DEVELOPMENT 10 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

16 FIGURES AT A GLANCE YEAR-END 2010 LOS ANGELES Flex Market Statistics Year-End 2010 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Antelope Valley Ind 63 1,043, , , % 11, $9.82 Carson/Rancho Domingz Ind 47 1,780, , , % 19, $11.91 Central LA Ind 365 6,928, , , % 102, $22.29 Commerce Area Ind ,749 37,860 37, % (25,108) 0 0 $11.30 Conejo Valley Ind 171 5,867, , , % (106,089) 0 0 $13.90 Eastern SGV Ind 49 1,441,292 55,055 61, % 84, $11.13 El Segundo/Hawthorne Ind 74 3,000,604 94,509 94, % (3,827) 0 0 $13.53 Gardena/110 Corridor Ind ,161 34,942 34, % (5,742) 0 0 $11.92 Long Beach Area Ind 104 2,216, , , % (77,050) 0 0 $10.40 Lower SGV Ind 63 2,195, , , % (152,955) 29,168 0 $13.92 Lynwood/Paramount Ind ,626 17,000 17, % 4, $7.62 Mid Counties-LA Ind 200 6,056, , , % (130,741) 0 0 $10.65 Northwest SGV Ind 110 2,489, , , % 12, $13.57 SCV/Lancaster/Palmdale Ind 107 3,097, , , % 158, $14.66 SFV East Ind 393 6,453, , , % (114,955) 0 0 $13.92 SFV West Ind 380 9,438, , , % (355,739) 0 0 $9.22 Southwest SGV Ind ,770 24,643 24, % (18,565) 0 0 $10.34 Torrance/Beach Cities Ind 188 4,941, , , % 4, $13.58 Upper SGV Ind 111 2,374,351 74,457 74, % 13, $10.93 Ventura County Ind 82 2,624, , , % (109,535) 0 0 $8.71 Vernon Area Ind ,201 18,500 18, % $0.00 Westside Ind 324 6,530, , , % (269,734) 0 0 $26.59 Totals 2,989 71,134,169 5,142,937 5,248, % (957,859) 29,168 0 $14.53 Warehouse Market Statistics Year-End 2010 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Antelope Valley Ind 281 8,054, , , % 32,687 24,136 0 $7.25 Carson/Rancho Domingz Ind 1,277 79,396,494 4,659,274 4,934, % (135,950) 0 270,764 $6.05 Central LA Ind 4,417 98,874,421 3,054,313 3,126, % 596,789 5,900 0 $7.26 Commerce Area Ind 1,658 79,358,215 4,524,662 4,952, % (1,248,591) 80,955 0 $5.22 Conejo Valley Ind ,663,439 1,250,876 1,421, % (242,332) 0 0 $8.23 Eastern SGV Ind ,126,769 1,471,703 1,518, % 367, ,493 $5.86 El Segundo/Hawthorne Ind ,172, ,255 1,036, % (40,096) 0 0 $10.10 Gardena/110 Corridor Ind 1,650 36,608,841 1,498,739 1,608, % (239,279) 0 0 $6.12 Long Beach Area Ind 1,525 29,288,486 2,097,796 2,119, % 72,595 3,400 0 $7.00 Lower SGV Ind 1,490 83,313,775 3,461,975 3,983, % 962, ,687 0 $6.10 Lynwood/Paramount Ind ,540, , , % (87,047) 0 0 $5.74 Mid Counties-LA Ind 2,449 92,769,830 5,517,724 5,817, % (1,115,456) 0 0 $5.63 Northwest SGV Ind 1,148 22,777, , , % 12, $6.73 SCV/Lancaster/Palmdale Ind ,450,502 1,429,205 1,472, % (465,584) 0 0 $6.08 SFV East Ind 4,648 85,136,109 2,532,939 2,694, % 38,862 27,438 0 $8.45 SFV West Ind 1,628 38,327,750 1,838,945 1,959, % (621,729) 45,101 29,901 $7.77 Southwest SGV Ind ,008, , , % (191,819) 5,950 7,500 $6.80 Torrance/Beach Cities Ind ,995,838 1,735,975 1,784, % (357,004) 17,982 0 $6.70 Upper SGV Ind 1,033 24,234, , , % 91,339 75, ,000 $6.76 Ventura County Ind 2,087 47,547,301 2,551,114 2,901, % (434,187) 137,702 0 $6.99 Vernon Area Ind 2,246 87,183,217 2,189,518 2,334, % 710, ,640 $5.75 Westside Ind ,169, , , % $12.91 Totals 33, ,999,945 44,774,910 47,913, % (2,292,703) 677,251 1,006,298 $ COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 11

17 LOS ANGELES YEAR-END 2010 FIGURES AT A GLANCE Total Industrial Market Statistics Year-End 2010 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Antelope Valley Ind 344 9,098, , , % 44,474 24,136 0 $7.29 Carson/Rancho Domingz Ind 1,324 81,176,536 4,822,958 5,104, % (116,193) 0 270,764 $6.08 Central LA Ind 4, ,802,945 3,176,253 3,270, % 699,470 5,900 0 $8.10 Commerce Area Ind 1,712 80,302,964 4,562,522 4,990, % (1,273,699) 80,955 0 $5.26 Conejo Valley Ind ,531,434 1,835,187 2,055, % (348,421) 0 0 $9.21 Eastern SGV Ind 1,035 26,568,061 1,526,758 1,579, % 452, ,493 $6.10 El Segundo/Hawthorne Ind ,173,504 1,074,764 1,130, % (43,923) 0 0 $10.31 Gardena/110 Corridor Ind 1,691 37,600,002 1,533,681 1,643, % (245,021) 0 0 $6.19 Long Beach Area Ind 1,629 31,505,456 2,214,450 2,236, % (4,455) 3,400 0 $7.10 Lower SGV Ind 1,553 85,509,664 3,738,169 4,260, % 809, ,855 0 $6.14 Lynwood/Paramount Ind ,680, , , % (82,347) 0 0 $5.75 Mid Counties-LA Ind 2,649 98,826,245 6,000,106 6,299, % (1,246,197) 0 0 $5.82 Northwest SGV Ind 1,258 25,267, , , % 24, $7.18 SCV/Lancaster/Palmdale Ind ,547,618 1,661,905 1,710, % (307,096) 0 0 $6.54 SFV East Ind 5,041 91,589,824 2,936,601 3,102, % (76,093) 27,438 0 $8.90 SFV West Ind 2,008 47,766,644 2,631,288 2,757, % (977,468) 45,101 29,901 $7.97 Southwest SGV Ind ,244, , , % (210,384) 5,950 7,500 $6.82 Torrance/Beach Cities Ind 1,041 38,937,519 2,129,816 2,178, % (352,533) 17,982 0 $7.40 Upper SGV Ind 1,144 26,608, ,469 1,042, % 104,826 75, ,000 $6.90 Ventura County Ind 2,169 50,172,000 2,954,329 3,307, % (543,722) 137,702 0 $7.14 Vernon Area Ind 2,278 87,525,418 2,208,018 2,352, % 710, ,640 $5.75 Westside Ind 1,128 22,699,212 1,394,424 1,501, % (268,781) 0 0 $16.97 Totals 36,626 1,048,134,114 49,917,847 53,162, % (3,250,562) 706,419 1,006,298 $ THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

18 FIGURES AT A GLANCE YEAR-END 2010 LOS ANGELES Flex Submarket Statistics Year-End 2010 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Agoura/Wlake V 141 4,907, , , % (83,966) 0 0 $13.99 Alhambra Ind ,674 51,582 51, % 28, $14.17 Antelope Valley 63 1,043, , , % 11, $9.82 Arcadia/Sierra M ,280 2,038 2, % 2, $11.40 Azusa Ind 30 1,031,483 36,166 36, % (16,710) 0 0 $11.89 Baldwin Park Ind ,463 25,051 25, % 17, $9.19 Beach Cities Ind ,226 63,731 63, % (33,238) 0 0 $14.37 Burbank Ind 148 2,271, , , % 1, $14.06 Canoga Park Ind ,238 43,803 43, % (7,410) 0 0 $8.31 Carson Central In ,583 20,484 20, % 1, $11.53 Carson North Ind 3 357, $0.00 Carson South Ind ,859 78,534 85, % (22,762) 0 0 $10.69 Central Los Ange 365 6,928, , , % 102, $22.29 Central Ventura 25 1,104, , , % (112,636) 0 0 $8.04 Cerritos Ind , , , % (18,523) 0 0 $12.45 Chatsworth Ind 171 4,500, , , % 1, $12.71 City of Industry C 7 112,389 10,550 10, % (1,300) 0 0 $15.00 City of Industry E , , $13.90 City of Industry W 3 641, , , % (143,890) 0 0 $0.00 Claremont Ind 4 108, , $0.00 Commerce Ind ,946 17,760 17, % (13,600) 0 0 $11.96 Compton East In $0.00 Compton West I 6 138,126 15,855 15, % (1,400) 0 0 $9.67 Covina Ind ,060 4,270 4, % 7, $0.00 Diamond Bar Ind $0.00 Downey Ind 14 1,710,107 55,837 55, % (55,837) 0 0 $7.80 Duarte Ind 3 28,842 2,215 2, % $15.70 East San Ferndo 90 1,707,016 94,952 94, % 2, $10.67 El Monte Ind ,797 35,798 35, % (11,499) 0 0 $13.72 El Segundo Ind 36 2,096,784 57,221 57, % (11,188) 0 0 $16.32 Encino Ind $0.00 Gardena Central 9 186,529 13,807 13, % (9,717) 0 0 $10.22 Gardena East Ind 1 8, $0.00 Gardena NE Ind $0.00 Gardena North C 9 241,419 3,535 3, % (1,495) 0 0 $18.93 Gardena North I 7 183,628 1,000 1, % 3, $0.00 Gardena NW Ind 2 30, $0.00 Gardena South I ,737 16,600 16, % 2, $11.33 Glendale Ind ,323 20,504 20, % (4,107) 0 0 $19.73 Glendora Ind , $0.00 Hawthorne Ind ,819 4,806 4, % 3, $9.73 Industry/Haciend ,785 8,803 8, % 2, $7.80 Industry/La Puen 2 46,616 1,520 1, % $7.80 Industry/Rowlan ,336 3,490 3, % $9.14 Inglewood Ind ,475 29,962 29, % 6, $13.17 Irwindale Ind 5 288,019 6,755 6, % 4, $ COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 13

19 LOS ANGELES YEAR-END 2010 FIGURES AT A GLANCE Flex Submarket Statistics Year-End 2010 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates La Mirada Ind ,632 14,004 14, % 5, $11.02 La Verne Ind 6 88,408 19,753 19, % (9,764) 0 0 $10.68 Lakewood Ind 2 17, $0.00 Lawndale Ind 7 48,526 2,520 2, % (2,520) 0 0 $11.57 Long Beach Nort ,186 69,794 69, % (33,442) 0 0 $9.79 Long Beach SE In ,562 24,038 24, % (24,038) 0 0 $7.80 Long Beach SW 8 79, $0.00 Lynwood Ind 2 26,552 9,000 9, % $0.00 Monrovia Ind ,096 9,935 9, % (5,505) 0 0 $11.25 Montebello/Whi ,803 20,100 20, % (11,508) 0 0 $9.66 Moorpark/Simi V , , , % (22,123) 0 0 $13.62 North Hollywood , $11.79 Northridge Ind 144 3,782, , , % (327,631) 0 0 $7.21 Norwalk/Bellflow ,989 3,500 3, % $11.15 Oxnard/Pt Huen , , $10.84 Paramount North 4 51, $0.00 Paramount South 4 61,363 8,000 8, % 4, $7.62 Pasadena Ind 84 1,436, , , % (115,449) 0 0 $14.84 Pomona North In 2 70, , $6.00 Pomona SE Ind ,771 9,474 9, % (3,280) 0 0 $14.09 Pomona SW Ind 5 121, , % (6,490) 0 0 $17.40 Rancho Domingu ,104 48,811 48, % 42, $14.26 Rosemead Ind 1 180, $0.00 San Dimas Ind ,906 25,828 25, % 8, $15.88 San Gabriel Ind 5 39, $0.00 San Pedro Ind 5 31,107 5,558 5, % (5,558) 0 0 $15.23 Santa Clarita/Lan 107 3,097, , , % 158, $14.66 Santa Fe Springs 133 2,907, , , % (61,977) 0 0 $7.96 Signal Hill Ind 39 1,010,765 17,264 17, % (14,012) 0 0 $11.83 South El Monte N ,975 6,990 6, % (2,325) 0 0 $10.80 South El Monte N 2 6, $0.00 South El Monte S 8 127,910 17,653 17, % (16,240) 0 0 $10.15 Tarzana Ind 2 20,540 11,250 11, % (2,900) 0 0 $9.00 Temple City Ind 3 24,016 3,000 3, % (1,750) 0 0 $14.40 Topanga/Malibu $0.00 Torrance Central ,562 6,444 6, % 2, $12.27 Torrance NE Ind 42 1,441, , , % (21,446) 0 0 $14.38 Torrance NW Ind 77 1,943, , , % 39, $13.38 Torrance South I ,547 41,561 41, % 16, $10.42 Ventura Ind ,104 59,086 62, % (14,907) 0 0 $13.09 Vernon Ind ,201 18,500 18, % $0.00 W San Fern Val $0.00 West Covina/Wa ,512 92,764 92, % (13,410) 29,168 0 $21.50 Westside Ind 324 6,530, , , % (269,734) 0 0 $26.59 Wilmington Ind 5 50, $0.00 Woodland Hills I ,304 30,138 30, % (19,638) 0 0 $14.11 Totals 2,989 71,134,169 5,142,937 5,248, % (957,859) 29,168 0 $ THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

20 FIGURES AT A GLANCE YEAR-END 2010 LOS ANGELES Warehouse Submarket Statistics Year-End 2010 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Agoura/Wlake V 279 8,143, , , % (23,914) 0 0 $9.80 Alhambra Ind 240 4,872, , , % 68, $5.82 Antelope Valley 281 8,054, , , % 32,687 24,136 0 $7.25 Arcadia/Sierra M 101 1,427,645 84,475 97, % (25,384) 0 0 $9.10 Azusa Ind 288 8,100, , , % 342,358 75,000 0 $6.48 Baldwin Park Ind 237 3,919, , , % (67,560) 0 0 $7.26 Beach Cities Ind 54 2,020, , , % (138,687) 0 0 $8.57 Burbank Ind 1,049 17,237, , , % 3, $8.76 Canoga Park Ind 325 5,434, , , % (30,034) 45,101 0 $7.70 Carson Central In ,723,724 1,323,920 1,403, % (128,870) 0 270,764 $6.49 Carson North Ind 130 6,021, , , % (58,348) 0 0 $6.10 Carson South Ind ,501, , , % (70,823) 0 0 $6.29 Central Los Ange 4,417 98,874,421 3,054,313 3,126, % 596,789 5,900 0 $7.26 Central Ventura ,031, , , % (134,434) 124,386 0 $6.65 Cerritos Ind ,508,179 1,238,330 1,429, % (254,151) 0 0 $5.30 Chatsworth Ind ,742,532 1,162,968 1,274, % (467,353) 0 29,901 $7.37 City of Industry C ,442, , , % (19,540) 0 0 $6.90 City of Industry E ,367,496 1,224,409 1,406, % 154, $5.53 City of Industry W 70 5,098, , , % (35,675) 0 0 $6.49 Claremont Ind ,304 32,720 32, % (28,164) 0 0 $9.51 Commerce Ind ,269,322 3,006,341 3,289, % (419,275) 80,955 0 $5.01 Compton East In 124 2,907,552 86,147 86, % (14,689) 0 0 $10.83 Compton West I ,506, ,226 1,002, % 717, $5.39 Covina Ind 198 2,598, , , % (26,693) 0 0 $7.01 Diamond Bar Ind 1 12, $0.00 Downey Ind 276 7,589, , , % (92,000) 0 0 $5.92 Duarte Ind 51 1,159,738 20,952 29, % (2,065) 0 0 $6.83 East San Ferndo 2,353 47,696,443 1,364,156 1,413, % (29,431) 21,000 0 $8.05 El Monte Ind 360 8,423, , , % 3, $6.74 El Segundo Ind ,079, , , % 54, $19.85 Encino Ind 1 2, $0.00 Gardena Central ,236, , , % (68,828) 0 0 $6.29 Gardena East Ind 192 6,628, , , % (131,858) 0 0 $5.92 Gardena NE Ind 246 6,444, , , % (11,712) 0 0 $5.93 Gardena North C 159 4,046, , , % 40, $5.62 Gardena North I 344 4,679, , , % (4,664) 0 0 $6.64 Gardena NW Ind , $4.56 Gardena South I 206 4,449, , , % (63,170) 0 0 $6.51 Glendale Ind 625 9,505, , , % 16,862 6,438 0 $10.09 Glendora Ind , , , % (14,950) 0 0 $7.02 Hawthorne Ind 282 7,955, , , % (150,058) 0 0 $7.39 Industry/Haciend ,201, , , % 413, ,000 0 $6.25 Industry/La Puen 146 9,323, , , % 359, $5.63 Industry/Rowlan ,775, , , % 86,727 53,687 0 $6.57 Inglewood Ind 290 4,694, , , % 40, $10.50 Irwindale Ind 214 7,730, , , % (139,751) 0 656,000 $ COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 15

21 LOS ANGELES YEAR-END 2010 FIGURES AT A GLANCE Warehouse Submarket Statistics Year-End 2010 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates La Mirada Ind ,986, , , % (413,344) 0 0 $5.41 La Verne Ind 146 3,067, , , % (23,096) 0 0 $6.19 Lakewood Ind , % 3, $5.63 Lawndale Ind ,018 3,950 3, % 14, $10.37 Long Beach Nort 261 6,486, , , % 45, $8.05 Long Beach SE In 300 5,990,568 1,422,879 1,443, % (24,542) 0 0 $6.66 Long Beach SW 450 5,088,257 42,322 43, % 82, $6.37 Lynwood Ind 185 6,536, , , % (243,049) 0 0 $4.91 Monrovia Ind 275 4,838, , , % 25, $8.00 Montebello/Whi ,088,893 1,518,321 1,662, % (829,316) 0 0 $5.64 Moorpark/Simi V ,519, ,609 1,079, % (218,418) 0 0 $7.70 North Hollywood 454 7,756, , , % (49,533) 0 0 $7.30 Northridge Ind ,258, , , % (142,821) 0 0 $8.99 Norwalk/Bellflow 174 7,349, , , % 171, $6.03 Oxnard/Pt Huen ,076,840 1,208,632 1,328, % (98,785) 0 0 $6.95 Paramount North 97 3,174,702 25,829 26, % 72, $6.38 Paramount South 244 4,829, , , % 83, $6.76 Pasadena Ind 167 2,939,890 82,273 97, % 97, $10.66 Pomona North In 147 3,086, , , % 20, $5.59 Pomona SE Ind ,266, , , % 378, ,493 $5.04 Pomona SW Ind 162 4,660, , , % (37,415) 0 0 $6.23 Rancho Domingu ,735,476 1,533,707 1,657, % (580,932) 0 0 $5.81 Rosemead Ind 60 1,503,269 3,320 3, % (3,320) 0 0 $5.14 San Dimas Ind 153 3,265, , , % 57, $8.49 San Gabriel Ind 88 1,344, , , % (58,837) 0 0 $7.57 San Pedro Ind 39 1,797,715 20,400 20, % (20,400) 0 0 $6.60 Santa Clarita/Lan ,450,502 1,429,205 1,472, % (465,584) 0 0 $6.08 Santa Fe Springs 1,454 50,336,508 2,966,956 2,973, % (527,407) 0 0 $5.79 Signal Hill Ind 280 4,733,137 97,911 97, % 34, $9.81 South El Monte N 485 5,809, , , % (100,222) 5,950 7,500 $6.78 South El Monte N 198 2,249, , , % (88,677) 0 0 $6.97 South El Monte S 133 1,950,461 71,789 71, % (2,920) 0 0 $6.71 Tarzana Ind ,349 13,239 13, % 6, $10.94 Temple City Ind ,728 2,000 2, % 1, $7.32 Topanga/Malibu 1 2, $0.00 Torrance Central 152 3,409, , , % 43, $7.96 Torrance NE Ind ,071, , , % (252,077) 0 0 $6.37 Torrance NW Ind 147 6,973, , , % 18,116 17,982 0 $6.65 Torrance South I 258 7,520, , , % (28,274) 0 0 $6.32 Ventura Ind ,438, , , % (200,968) 13,316 0 $7.85 Vernon Ind 2,246 87,183,217 2,189,518 2,334, % 710, ,640 $5.75 W San Fern Val 1 42, $0.00 West Covina/Wa 147 3,105, , , % 4, $9.63 Westside Ind ,166, , , % $12.91 Wilmington Ind 179 4,914, , , % (48,341) 3,400 0 $6.01 Woodland Hills I 23 1,390,473 9,000 9, % 12, $8.06 Totals 33, ,999,945 44,774,910 47,913, % (2,292,703) 677,251 1,006,298 $ THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

22 FIGURES AT A GLANCE YEAR-END 2010 LOS ANGELES Total Industrial Submarket Statistics Year-End 2010 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Agoura/Wlake V ,051, , , % (107,880) 0 0 $11.43 Alhambra Ind 267 5,510, , , % 97, $7.33 Antelope Valley 344 9,098, , , % 44,474 24,136 0 $7.29 Arcadia/Sierra M 120 1,636,925 86,513 99, % (22,995) 0 0 $9.14 Azusa Ind 318 9,132, , , % 325,648 75,000 0 $6.84 Baldwin Park Ind 265 4,392, , , % (49,583) 0 0 $7.37 Beach Cities Ind 84 2,913, , , % (171,925) 0 0 $10.51 Burbank Ind 1,197 19,509, , , % 5, $9.27 Canoga Park Ind 378 6,099, , , % (37,444) 45,101 0 $7.73 Carson Central In ,000,307 1,344,404 1,423, % (127,820) 0 270,764 $6.52 Carson North Ind 133 6,378, , , % (58,348) 0 0 $6.10 Carson South Ind ,002, , , % (93,585) 0 0 $6.35 Central Los Ange 4, ,802,945 3,176,253 3,270, % 699,470 5,900 0 $8.10 Central Ventura ,135,742 1,134,096 1,330, % (247,070) 124,386 0 $6.87 Cerritos Ind ,320,336 1,377,162 1,568, % (272,674) 0 0 $5.90 Chatsworth Ind ,243,088 1,393,357 1,509, % (465,513) 0 29,901 $7.56 City of Industry C ,554, , , % (20,840) 0 0 $6.96 City of Industry E ,847,850 1,224,409 1,406, % 156, $5.54 City of Industry W 73 5,740, , , % (179,565) 0 0 $6.49 Claremont Ind ,681 32,720 32, % $9.51 Commerce Ind ,970,268 3,024,101 3,307, % (432,875) 80,955 0 $5.05 Compton East In 124 2,907,552 86,147 86, % (14,689) 0 0 $10.83 Compton West I ,644, ,081 1,018, % 716, $5.40 Covina Ind 231 2,985, , , % (19,392) 0 0 $7.01 Diamond Bar Ind 1 12, $0.00 Downey Ind 290 9,299, , , % (147,837) 0 0 $6.01 Duarte Ind 54 1,188,580 23,167 31, % (2,065) 0 0 $7.15 East San Ferndo 2,443 49,403,459 1,459,108 1,508, % (26,665) 21,000 0 $8.13 El Monte Ind 384 9,237, , , % (7,973) 0 0 $6.99 El Segundo Ind ,175, , , % 43, $19.30 Encino Ind 1 2, $0.00 Gardena Central ,422, , , % (78,545) 0 0 $6.38 Gardena East Ind 193 6,637, , , % (131,858) 0 0 $5.92 Gardena NE Ind 246 6,444, , , % (11,712) 0 0 $5.93 Gardena North C 168 4,288, , , % 39, $5.82 Gardena North I 351 4,863, , , % (1,664) 0 0 $6.64 Gardena NW Ind , $4.56 Gardena South I 219 4,790, , , % (60,700) 0 0 $6.65 Glendale Ind ,267, , , % 12,755 6,438 0 $10.41 Glendora Ind , , , % (14,950) 0 0 $7.02 Hawthorne Ind 295 8,493, , , % (146,679) 0 0 $7.46 Industry/Haciend ,609, , , % 415, ,000 0 $6.25 Industry/La Puen 148 9,369, , , % 360, $5.63 Industry/Rowlan ,066, , , % 86,727 53,687 0 $6.63 Inglewood Ind 308 5,011, , , % 47, $10.66 Irwindale Ind 219 8,018, , , % (134,832) 0 656,000 $ COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 17

23 LOS ANGELES YEAR-END 2010 FIGURES AT A GLANCE Total Industrial Submarket Statistics Year-End 2010 YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates La Mirada Ind ,415, , , % (407,748) 0 0 $5.47 La Verne Ind 152 3,156, , , % (32,860) 0 0 $6.23 Lakewood Ind , % 3, $5.63 Lawndale Ind ,544 6,470 6, % 12, $10.74 Long Beach Nort 287 7,095, , , % 12, $8.18 Long Beach SE In 319 6,410,130 1,446,917 1,467, % (48,580) 0 0 $6.67 Long Beach SW 458 5,167,875 42,322 43, % 82, $6.37 Lynwood Ind 187 6,562, , , % (243,049) 0 0 $4.91 Monrovia Ind 306 5,422, , , % 20, $8.33 Montebello/Whi ,332,696 1,538,421 1,682, % (840,824) 0 0 $5.66 Moorpark/Simi V ,480,326 1,083,071 1,237, % (240,541) 0 0 $8.07 North Hollywood 473 8,033, , , % (49,533) 0 0 $7.42 Northridge Ind ,041, , , % (470,452) 0 0 $8.32 Norwalk/Bellflow 185 7,547, , , % 171, $6.10 Oxnard/Pt Huen ,840,254 1,208,632 1,328, % (80,777) 0 0 $7.00 Paramount North 101 3,226,413 25,829 26, % 72, $6.38 Paramount South 248 4,891, , , % 87, $6.78 Pasadena Ind 251 4,376, , , % (18,222) 0 0 $12.60 Pomona North In 149 3,156, , , % 87, $5.67 Pomona SE Ind ,718, , , % 374, ,493 $5.08 Pomona SW Ind 167 4,782, , , % (43,905) 0 0 $6.33 Rancho Domingu ,242,580 1,582,518 1,706, % (538,063) 0 0 $5.86 Rosemead Ind 61 1,683,269 3,320 3, % (3,320) 0 0 $5.14 San Dimas Ind 175 3,866, , , % 65, $9.78 San Gabriel Ind 93 1,383, , , % (58,837) 0 0 $7.57 San Pedro Ind 44 1,828,822 25,958 25, % (25,958) 0 0 $9.68 Santa Clarita/Lan ,547,618 1,661,905 1,710, % (307,096) 0 0 $6.54 Santa Fe Springs 1,587 53,244,038 3,237,165 3,243, % (589,384) 0 0 $5.85 Signal Hill Ind 319 5,743, , ,175 20, $10.02 South El Monte N 496 5,910, , , % (102,547) 5,950 7,500 $6.79 South El Monte N 200 2,256, , , % (88,677) 0 0 $6.97 South El Monte S 141 2,078,371 89,442 89, % (19,160) 0 0 $6.78 Tarzana Ind ,889 24,489 24, % 3, $10.72 Temple City Ind ,744 5,000 5, % (250) 0 0 $7.55 Topanga/Malibu 1 2, $0.00 Torrance Central 169 3,627, , , % 46, $8.03 Torrance NE Ind ,512,918 1,072,783 1,101, % (273,523) 0 0 $6.87 Torrance NW Ind 224 8,917, , , % 57,737 17,982 0 $7.84 Torrance South I 280 7,966, , , % (11,296) 0 0 $6.65 Ventura Ind ,196, , , % (215,875) 13,316 0 $8.12 Vernon Ind 2,278 87,525,418 2,208,018 2,352, % 710, ,640 $5.75 W San Fern Val 1 42, $0.00 West Covina/Wa 161 3,320, , , % (8,998) 29,168 0 $10.88 Westside Ind 1,127 22,696,941 1,394,424 1,501, % (268,781) 0 0 $16.97 Wilmington Ind 184 4,965, , , % (48,341) 3,400 0 $6.01 Woodland Hills I 33 1,861,777 39,138 39, % (7,387) 0 0 $10.27 Totals 36,626 1,048,134,114 49,917,847 53,162, % (3,250,562) 706,419 1,006,298 $ THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

24 FIGURES AT A GLANCE YEAR-END 2010 LOS ANGELES Flex Market Statistics Year-End 2010 Net Deliveries UC Inventory Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates q 2,989 71,134,169 5,142,937 5,248, % (69,012) $ ,989 71,134,169 4,873,227 5,179, % 89, , $ q 2,987 71,105,001 4,828,379 5,240, % (119,024) ,168 $ ,987 71,105,001 4,788,291 5,121, % (859,656) ,168 $ q 2,987 71,105,001 3,919,204 4,261, % 89, ,168 $ ,987 71,105,001 4,069,015 4,350, % (294) 1 7, $ q 2,986 71,097,160 4,043,709 4,342, % (315,275) 4 83, ,841 $ ,982 71,014,100 3,601,347 3,944, % (354,392) 3 95, ,901 $ ,981 71,109,434 3,324,301 3,685, % (372,287) 3 35, ,735 $ ,978 71,073,573 2,929,918 3,277, % 90, , ,861 $ ,954 70,773,369 2,813,101 3,067, % 639, , ,528 $ ,946 70,449,824 3,114,258 3,383, % 2,105, , ,197 $ ,927 70,161,800 4,882,784 5,201, % (8,797) 9 219, ,064 $ ,919 70,131,595 4,389,147 5,162, % 176, , ,517 $ ,905 69,505,816 3,856,473 4,712, % 2,189, , ,495 $ ,879 68,527,392 5,086,184 5,924, % 1,495, , ,835 $13.10 Quoted Warehouse Market Statistics Year-End 2010 Net Deliveries Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates q 33, ,999,945 44,774,910 47,913, % 1,166, , ,006,298 $ , ,898,722 45,760,270 48,978, % 35, , ,421 $ q 33, ,739,793 45,525,818 48,855, % 167, , ,717 $ , ,556,658 44,902,040 48,840, % (3,662,844) 6 30, ,911 $ q 33, ,641,863 41,859,428 45,262, % 822, , ,364 $ , ,905,004 41,928,561 45,348, % (744,921) 8 220, ,521 $ q 33, ,694,582 40,713,567 44,392, % (3,628,935) , ,074,345 $ , ,955,760 36,399,727 40,025, % (3,444,739) 29 1,108, ,910,969 $ , ,775,848 33,158,729 36,400, % (8,267,059) 111 3,844, ,473,696 $ , ,918,536 23,238,027 25,276, % 1,158, ,658, ,833,436 $ , ,940,484 22,886,684 24,456, % 14,126, ,547, ,041,471 $ , ,618,193 30,100,095 31,261, % 11,506, ,083, ,599,460 $ , ,083,989 33,366,970 35,233, % 11,578, ,076, ,115,228 $ , ,373,986 37,998,670 40,101, % 9,655, ,710, ,810,937 $ , ,469,725 38,537,338 41,852, % 5,062, ,544, ,542,489 $ , ,266,012 34,178,286 37,711, % 3,350, ,025, ,504,233 $6.67 UC Inventory Quoted Total Industrial Market Statistics Year-End 2010 Net Deliveries UC Inventory Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates q 36,626 1,048,134,114 49,917,847 53,162, % 1,097, , ,006,298 $ ,624 1,048,032,891 50,633,497 54,158, % 125, , ,421 $ q 36,616 1,047,844,794 50,354,197 54,096, % 48, , ,885 $ ,608 1,047,661,659 49,690,331 53,962, % (4,522,500) 6 30, ,079 $ q 36,605 1,047,746,864 45,778,632 49,524, % 911, , ,532 $ ,588 1,047,010,005 45,997,576 49,699, % (745,215) 9 228, ,521 $ q 36,580 1,046,791,742 44,757,276 48,735, % (3,944,210) 18 1,040, ,082,186 $ ,563 1,045,969,860 40,001,074 43,969, % (3,799,131) 32 1,204, ,001,870 $ ,545 1,045,885,282 36,483,030 40,085, % (8,639,346) 114 3,880, ,652,431 $ ,459 1,042,992,109 26,167,945 28,553, % 1,249, ,090, ,869,297 $ ,343 1,040,713,853 25,699,785 27,524, % 14,766, ,880, ,418,999 $ ,162 1,033,068,017 33,214,353 34,644, % 13,611, ,410, ,910,657 $ ,977 1,025,245,789 38,249,754 40,434, % 11,569, ,295, ,420,292 $ ,796 1,018,505,581 42,387,817 45,263, % 9,831, ,347, ,001,454 $ ,568 1,009,975,541 42,393,811 46,565, % 7,252, ,523, ,749,984 $ , ,793,404 39,264,470 43,636, % 4,846, ,907, ,392,068 $7.13 Quoted 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 19

25 LOS ANGELES YEAR-END 2010 LEASING ACTIVITY Leasing Highlights in Select CoStar Markets Color Coded by Rate 20 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

26 LEASING ACTIVITY YEAR-END 2010 LOS ANGELES Historical Rental Rates Based on Quoted Rental Rates $18.00 Flex Warehouse Total Market $16.00 $14.00 Dollars/SF/Year $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $ q by Available Space Type by Building Type Percent of All Vacant Space in Direct vs. Sublet Percent of All Vacant Space by Building Type Los Angeles United States Los Angeles United States 6% 4% 10% 14% 94% 96% 90% 86% Direct Sublet Direct Sublet Flex Warehouse Flex Warehouse U.S. Rental Rate Comparison Based on Average Quoted Rental Rates Future Space Available Space Scheduled to be Available for Occupancy* Dollars/SF/Year $10.00 $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $ q 2009 Los Angeles q q 2010 United States q q Millions q q q * Includes Under Construction Space 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 21

27 LOS ANGELES YEAR-END 2010 LEASING ACTIVITY Select Top Industrial Leases Based on Leased Square Footage For Deals Signed in 2010 Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company 1 Grand Crossing - Bldg 20* City of Industry East Ind 525,000 1st Home Depot (Distribution) CB Richard Ellis Majestic Realty Co Cheryl Ln City of Industry East Ind 449,049 2nd Logistics Team NAI Capital ProLogis Santa Fe Springs Rd Santa Fe Springs Ind 411,034 4th N/A N/A Colliers International Temple Ave Industry/La Puente Ind 407,638 3rd Pilot Automotive Inc. Wangs Investment Group Lee & Associates S Alameda St* Vernon Ind 354,809 3rd GUESS?, Inc. N/A N/A 6 Rancho Pacifica - Bldg 304* Rancho Dominguez Ind 340,672 1st Command Logistic Services, Inc LAREM CB Richard Ellis 7 Harbor Gateway I - Bldg C* Torrance NE Ind 305,400 4th CEVA Logistics N/A Fremont Associates Bishop Ave Carson Central Ind 284,885 2nd CEVA Direct CB Richard Ellis Watson Land Company Watson Center Rd Carson South Ind 266,780 1st NYK Logistics CB Richard Ellis Watson Land Company Watson Center Rd* Carson South Ind 258,678 4th NYK Logistics CB Richard Ellis Watson Land Company 11 Dominguez Technology Center - Bldg 715* Carson Central Ind 253,354 2nd Forward Air, Inc. Fischer & Company Watson Land Company Bloomfield Ave Santa Fe Springs Ind 239,872 4th N/A N/A Cushman & Wakefield, Inc W Carob St Compton West Ind 234,600 2nd UMA Enterprises N/A CB Richard Ellis 14 Vista Business Park - Bldg D Santa Clarita/Lancstr Ind 229,450 4th N/A N/A Jones Lang LaSalle 15 Watson Ind Center South - Bldg 143 & 144 Carson South Ind 219,097 3rd Price Transfer LAREM Watson Land Company E 54th St* Vernon Ind 216,949 2nd Aerojet N/A N/A Ficus St Pomona SE Ind 205,185 2nd Razor N/A Cushman & Wakefield, Inc S Wilmington Ave Compton West Ind 202,200 2nd N/A N/A CB Richard Ellis E 230th St Carson South Ind 200,892 4th Pacer Distribution Services Grubb & Ellis Watson Land Company E Walnut Dr - Bldg 1 City of Industry East Ind 200,000 2nd N/A N/A Majestic Realty Co Valley Blvd* El Monte Ind 190,403 2nd American Paper & Plastic Direct Deal Direct Deal 22 Watson Ind Center South - Bldg 226 Carson Central Ind 189,338 2nd Huffy Bicycle Jones Lang LaSalle Watson Land Company Central Ave* Carson Central Ind 180,000 1st EPSON Robots Grubb & Ellis Direct Deal 24 Watson Ind Center South - Bldg 143 & 144 Carson South Ind 177,519 3rd Custom Goods Inc The Klabin Company LAREM 25 Dominguez Technology Center - Bldg 730* Carson Central Ind 177,428 2nd Universal Logistics Group West Lee & Associates Watson Land Company 26 Legacy Bldg 224 Carson Central Ind 176,000 2nd Fairway Logistics LAREM Watson Land Company 27 Golden Springs Business Center - Bldg Q2* Santa Fe Springs Ind 174,047 3rd Consolidated Services, Inc. - RPM Direct Deal Colliers International S Reyes Ave Rancho Dominguez Ind 173,000 1st Advanced Logistics Management, Inc. DAUM Commercial Real Estate Service First Industrial Realty Trust Midway Pl* Cerritos Ind 167,920 1st Xerox Corporation Jones Lang LaSalle Direct Deal 30 Golden Springs Business Center - Bldg D2 Santa Fe Springs Ind 155,484 2nd Alticor/Access Business Group Jones Lang LaSalle Colliers International W Apra St Compton West Ind 149,654 1st NRT CB Richard Ellis Cushman & Wakefield, Inc. 32 Golden Springs Business Center - Bldg C Santa Fe Springs Ind 148,305 2nd Wham-O Realty Executives International, In Colliers International E Pacific Coast Hwy Wilmington Ind 148,186 1st ACX Pacific Northwest, Inc. Grubb & Ellis Commercial Property Group Inc S Anderson Ave Compton West Ind 146,362 2nd Michael Kors Direct Deal Direct Deal Alondra Blvd Norwalk/Bellflower Ind 135,360 3rd Tires Warehouse Lee & Associates Inco Commercial Brokers Science Dr Moorpark/Simi Val Ind 134,300 4th AG Machining Lee & Associates Colliers International 37 Irwindale Bldg #18 Irwindale Ind 127,440 3rd Louis Vuitton Direct Deal Cushman & Wakefield, Inc S 6th Ave Industry/Hacienda Blv Ind 124,435 3rd Lorretta Lima Transportation DAUM Commercial Real Estate Service DAUM Commercial Real Estate Service Canary & Heron La Mirada Ind 120,348 4th E.T. Horn Company NAI Capital Voit Real Estate Services S Santa Fe Ave Carson Central Ind 118,545 2nd Prompt Warehousing Inc The Klabin Company ProLogis * Renewal 22 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

28 SALES ACTIVITY YEAR-END 2010 LOS ANGELES The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates Per Quarter 9.0% Cap Rate Price/SF $ % $400 Cap Rate Percentage 7.0% 6.0% 5.0% 4.0% 3.0% $350 $300 $250 $200 $150 $100 Dollars/SF 1.0% $ q q q q q q 2010 $0 Source: CoStar COMPS Sales Volume & Price Sales Analysis by Building Size Based on Industrial Building Sales of 15,000 SF and Larger Based on Industrial Bldg Sales From Oct Sept Sales Volume Price/SF Bldg Size # RBA $ Volume Price/SF Cap Rate $800 $140 $700 $120 < 25,000 SF 358 3,717,432 $ 455,877,958 $ % Millions of Sales Volume Dollars $600 $500 $400 $300 $200 $100 $100 $80 $60 $40 $20 Price/SF 25K-99K SF 140 6,407,711 $ 526,535,940 $ % 100K-249K SF 28 3,923,433 $ 265,250,410 $ % $ $0 >250K SF 7 3,306,812 $ 164,800,257 $ % Source: CoStar COMPS Source: CoStar COMPS U.S. Price/SF Comparison Based on Industrial Building Sales of 15,000 SF and Larger U.S. Cap Rate Comparison Based on Industrial Building Sales of 15,000 SF and Larger $140 Los Angeles US 1 Los Angeles US Dollars per SF $120 $100 $80 $60 $40 $20 Cap Rate Percentage 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 1.0% $ Source: CoStar COMPS Source: CoStar COMPS 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 23

29 LOS ANGELES YEAR-END 2010 SALES ACTIVITY 24 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

30 SALES ACTIVITY YEAR-END 2010 LOS ANGELES Select Land Sales Based on Industrial Zoned Land Sales Occurring From Oct Dec E 57th St, Vernon Nelson Ave, City Of Industry Canwood St, Agoura Hills Sale Price: $14,400,000 Sale Price: $6,100,000 Sale Price: $4,250,000 Acres: Acres: 7.36 Acres: Price/SF: $30.72 Price/SF: $19.02 Price/SF: $9.74 Closing Date: 03/17/2010 Closing Date: 07/07/2010 Closing Date: 04/14/2010 Zoning: M Zoning: IDM Zoning: BP-M-FC Intended Use: Industrial Intended Use: Industrial Intended Use: Industrial Buyer: C.R. Laurence Co., Inc. Buyer: City of Industry Buyer: Dale Poe Real Estate Group Seller: City of Vernon Seller: Industry Pacific, Inc. Seller: Agoura Sfip Properties LLC Commerce Way, NE Vaughn St, San Fernando Jack Northrop Ave, E of Chrenshaw Blvd, Hawthorne15432 E Nelson Ave, City Of Industry Sale Price: $4,000,000 Sale Price: $3,830,109 Sale Price: $3,752,040 Acres: 3.90 Acres: 3.71 Acres: 5.12 Price/SF: $23.55 Price/SF: $23.70 Price/SF: $16.81 Closing Date: 01/04/2010 Closing Date: 09/13/2010 Closing Date: 10/07/2010 Zoning: M2 Zoning: M2 Zoning: M Intended Use: Warehouse Intended Use: Industrial Intended Use: Industrial Buyer: ValleyCrest Companies Buyer: Darius Mir Buyer: HKTSNTRLT LLC Seller: Accord/SHO Members LLC Seller: Kearny Real Estate Company Seller: Industry Urban-Development Agency Source: CoStar COMPS 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 25