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COSTA MESA, CA—Last-mile logistics assets in the Orange County market are setting new records for industrial prices, and this has a lot to do with the overall industrial inventory of just above 1% vacancy, Colliers International SVP Chuck Wilson tells GlobeSt.com. In a transaction that demonstrates the skyrocketing investment value of so-called “last-mile” logistics properties, a FedEx-occupied, 112,000-square-foot building here has been acquired by a Santa Monica-based investment firm for $33.4 million, or $298 per square foot, which ranks it among the top industrial sales ever recorded in Orange County, Colliers has reported.
Sovereign Capital Management Group Inc. of San Diego sold the 1650 Sunflower building to BLT Enterprises Inc. Colliers' Institutional Investment Services Group—Western Region negotiated the sale, as well as a “blend-and-extend” lease that will keep FedEx in the building until 2028. Its original lease was set to expire next year.
We spoke with Wilson about the transaction and the rising sale prices for these types of facilities in Orange County.
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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.
