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July 17, 2018
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Garden Grove Warehouse Facility Trades in $27 Mil Deal


Monarch Industrial, a multi-tenant, 276.6k sf warehouse facility in Garden Grove, was purchased by Penwood Real Estate and Western Realco in a recent $27 mil ($98/sf) transaction. The property is fully occupied by four tenants including Virtu USA, New Mode Sportswear, V Factory and Riviera Beverages.

Monarch Industrial is located at 12752 to 12822 Monarch St, on the northeast corner of Monarch and Acacia Ave. It’s situated just off Garden Grove Blvd and the 22 Fwy, in proximity to the 405 and 605 Fwys.

Kevin Shannon, Scott Schumacher, Bret Hardy and Jeff Read with NKF represented the seller, Colony Northstar. The buyers repped themselves.

“Industrial property throughout Orange County is seeing a healthy rise in rents and an overall vacancy that is now under 2 percent as of the end of the second quarter of 2017,” said Hardy. “Industrial investment offerings such as Monarch are scarce as both institutional and private investors seek to increase their allocations in the sector while typically retaining ownership for the long-term. As a result, the marketing process generated numerous offers. The buyer secured the fully leased asset at below replacement cost and has the opportunity to bring rents up to market rates as leases expire.”

Shannon added: “Future redevelopment upside for the asset is also possible with the ability to reconfigure the existing loading areas. Additionally, there is potential to demolish the separately parceled south portion of the building and build a new, high-clear, state-of-the-art industrial building which is in high demand given the key location and lack of available quality warehouse space in the market.”

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