The company has paid $2.8 million for the building, which it has already occupied. Located at 20662 Prism Place, the facility encompasses 37,520 sf. It is being used for distribution.
Sy Corp. was represented by Kurt Bruggerman of Lee & Associates. Stan Mullin of Grubb & Ellis' Newport Beach office acted on behalf of the seller, Irvine-based Kenko World.
The South Orange County industrial market has been experiencing a renewed rise in industrial supply, according to a recent report on the region. The report, published by Lee & Associates – Irvine Inc., points out that the level of negative net absorption in the region more than doubled in the month of February.
Lee & Associates records a net absorption of negative 110,815 sf for the month of February, as compared with a net absorption of negative 31,531 sf for January and negative 676,290 sf for December. As the statistics illustrate, the level of negative net absorption has begun to rise again, after improving significantly at the start of the year. The report attributes the rise to a slight increase in the availability rate and the addition of a 40,100-sf building to the base inventory.
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