(Read more on the industrial market.)
GARDEN GROVE, CA-Westcore Properties of San Diego has sold its 277,000-sf Monarch project to an affiliate of Boston-based Colony Realty Partners for $24 million after receiving 10 offers on the industrial building, the San Diego firm reports. The property is at 12752-12822 Monarch St., where it occupies an 11-acre lot.
The Colony Realty Partners affiliate that acquired the building is CRP-2 Monarch LLC. According to Gary Katz, director of acquisitions for Westcore Properties in Southern California and the West, the disposition completes a business plan for Westcore that involved stabilizing occupancy and selling the property in a tight submarket where recent market reports show lease rates continuing to rise, demand remaining strong and investment sales continuing at a steady pace.
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