According to the terms of the five-year lease, RadioShack will occupy 10,000 sf of retail space and 10,000 sf of office and classroom space. The transaction is valued at $1.2 million.
The Shidler Group was represented in-house by Brigham Black. RadioShack Corp. also represented itself in the transaction.
The transaction comes as the Orange County office sector is suffering from a glut of space. This surplus of office product is expected to cause deterioration in market conditions in the months ahead, according to new research on the region.
The recently released report, published by Marcus & Millichap Real Estate Investment Brokerage Co., says that the excess space will push the vacancy rate up and pull rents down. The average vacancy rate is expected to increase to 19% over the next 12 months, according to Marcus & Millichap researchers. Meanwhile, the average rent is expected to decline by 5% during 2002.
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