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7/25/16
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CapRock Partners recently spent $9.43 mil for two industrial properties in Garden Grove. The properties, which sit on one parcel and total 76.9k sf, were purchased from an unidentified local investor.
The acquisition included a 39.2k sf, occupied building on Lampson Ave and a 37.7k sf, vacant property on Industry St. CapRock Partners plans to completely refurbish both buildings.
CBRE’s Steve Young, Bob Goodmanson and Brad Schneider represented both parties in the transaction. The deal drew more than 10 offers, fueled by the lack of available opportunities in the area, according to CBRE.
“CapRock responded quickly to this opportunity as this is great industrial real estate in a market that is less than 1 percent vacant,” said Taylor Arnett, acquisitions manager with CapRock Partners and the company’s lead on the acquisition. “At 51% occupied, the opportunity is a perfect fit for CapRock’s strategy to purchase industrial real estate that is ‘anything but stabilized’.”
“This was a unique off-market, value-add opportunity for CapRock Partners to purchase two highly functional industrial properties with the intension of re-positioning them,” said Young. “Due to the lack of available opportunities, there was a significant amount of interest from the investment community, which resulted in more than 15 tours and 10 offers.”
The industrial vacancy rate in Orange County continues to fall, ending the second quarter at 1.6 percent, according to CBRE research. West Orange County in particular is the tightest market in the county with a historically low vacancy rate of 0.8 percent. Due to the limited supply, off-market deals are becoming more common each quarter, according to CBRE.
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