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7/22/14
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CT Realty paid $13 mil for a 103k sf ($126/sf), Class A industrial building in Lake Forest. The property, located at 20 Icon, includes additional acreage. It was acquired from a private real estate investor.
The light manufacturing/warehouse building is located in the Foothill Ranch Business Park and offers 26k sf of office space, 41k sf of high-bay HVAC warehouse and manufacturing space, and an additional 36k sf of warehouse space on a 9.4-acre lot fronting the 241 Toll Road. The property also includes approximately 125k sf of excess land that can accommodate a second building for a maximum of 160k sf or to provide additional parking for the existing building.
The 20 Icon property features two dock-high loading doors, two drive-in/grade-level doors and 28-foot clear ceiling height. The CT Realty affiliate plans to implement a capital improvement program to improve the existing building, which will include developing an enhanced truck courtyard and loading area with five additional docks and two additional grade-level doors, together with additional trailer parking area. The property enjoys outstanding access to the 91, 133 and 261 state highways via the 241 Toll Road, as well as major retail and developments including numerous restaurants in the area.
CT Realty plans to lease the currently vacant building to a single tenant. Corporate neighbors of the property include Hampton Inn, Oakley/Luxoticca, Black & Decker and Wet Seal.
“The industrial base in Orange County, particularly the south Orange County submarket, is rapidly being depleted of inventory as a result of alternative land uses such as affordable, high-density housing and retail,” said Carter Ewing, managing partner of CT Realty. “The vacancy rate for buildings in the 50k sf - to 200k sf range in south Orange County is especially low. Consequently, new product is virtually non-existent and values are improving, making this acquisition especially attractive and an outstanding addition to our Orange County portfolio.”
Gregory Ozimec with Industrial Brokers Inc, based in Newport Beach, represented both the CT Realty affiliate and the seller in the transaction.
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