SANTA ANA, CA-GlobeSt.com has learned exclusively that Rilco-Essex LLC has sold a 94,250-square-foot industrial property at 1900 Carnegie here for $11.3 million to One Morgan LLC. Built in 2000, the class-A dual-tenant property has 60,000 square feet available for lease.
“With industrial availability at scarce levels, buyers are becoming more aggressive in this infill market,” said Dale Camera of Lee & Associates' Irvine office, in a prepared statement. Camera, along with senior associate Jason Helmick, represented the buyer in the transaction, while the seller was represented by Chip Wright of CBRE. “Local economic indicators are pointing in a positive direction and historically low interest rates are impacting the commercial and residential market with an influx of buyers.”
According to Camera, the high-image property offers corporate-headquarters users a world-class location. Centrally located in the Irvine Business Complex, the site offers tenants the ability to attract a workforce from North and South counties effectively. Retail amenities and local infrastructure also make the property appealing for incoming tenants.
GlobeSt.com was unable to reach Camera before deadline to discuss how the new owner plans to lease up the property's unoccupied space or what the industrial market is like in this part of Orange County. However, Craig Meyer, head of industrial brokerage for Jones Lang LaSalle, told GlobeSt.com in March that he expects to see demand continue for big-box distribution and for e-commerce facilities throughout the West Coast. “Traditional bricks-and-mortar retailers are increasingly setting up e-commerce fulfillment centers in addition to, or even side by side, their existing warehouses. In many ways, e-commerce is the new manufacturing, meaning that their facility requirements in many ways mimic those of manufacturing firms.”
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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.
