The buyer, Advanced MP Technology, has paid more than $2.8 million for the facility. Encompassing 37,520 sf, the building stands at 20662 Prism Place in the Dimension Business Park.
Advanced MP Technology was represented by Jay Mast and Kurt Bruggeman in the Lee & Associates – Irvine Spectrum office. Stan Mullin of Grubb & Ellis' Newport Beach office acted on behalf of the seller, Kenko World/Nikken USA.
The deal follows on the heels of a recently reported industrial sale in San Juan Capistrano. Ashby Enterprises procured a 49,703-sf facility from Capistrano Real Estate Partners in a deal valued at $4.4 million. The property is located at 32951-32967 Calle Perfecto.
Both transactions have occurred as the level of negative net absorption in South County has begun to abate somewhat. January's net absorption for the South Orange County industrial market was negative 31,531 sf, according to a recent report by Lee & Associates – Irvine Inc. This figure marks a significant improvement from December, when net absorption for the South Orange County industrial market stood at negative 676,290 sf.
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