(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 - 6.)
GARDEN GROVE, CA-GlobeSt.com has learned exclusively that 12101 LLC has sold a 125,000-square-foot industrial building at 12101 Western Ave. here to Rangar West for $12.5 million. The building is located on a 6.24-acre site.
Tim Arguello, SVP/principal of Lee & Associates’ Newport Beach, CA, office, represented the seller, while SVP Peter Castleton and Kidder Mathews SVP/partner Todd Clarke represented the buyer. “Because market activity is strong on buildings of this size range, there were multiple parties interested in leasing and/or purchasing this facility,” said Arguello in a prepared statement.
The building features 14 dock doors, “eloquently appointed” offices and major street frontage. It is centrally located in the city, positioned close to major freeways and key Southern California airports.
According to Colliers International, the Orange County industrial market recorded positive net absorption of 377,300 square feet in the third quarter of 2012, bringing the total number of consecutive positive net-absorption quarters to nine in the county. Total vacancy declined to 4.5% from 4.7%, although sales and leasing activity were down.
Still, Voit Real Estate Services’ third-quarter Orange County industrial report shows that lease rates are continuing on an upward trend, with the first quarter of 2011 marking the lowest rates of the recession. With regard to investment sales, the average asking sales price rose in the third quarter to $137.96 per square foot, a 20.2% increase from the previous year’s price of $114.78 per square foot, although a slight decrease from the year’s second-quarter price of $138.66 per square foot. Only around 3% of the inventory in the Orange County industrial market is available for sale, putting upward pressure on pricing going forward.
Colliers reports that while the market remains in recovery mode, a lack of class-A buildings is preventing the market from recovering at a quicker pace. Once currently planned projects begin construction, the market will see greater movement; three projects are currently under construction.
As GlobeSt.com previously reported exclusively, Robert A. Clifford and Steve Timm have joined the West Los Angeles office of Lee & Associates. The duo brings a golf-course sale specialty to the firm.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
