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3/20/08
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A recent industrial lease in central Orange County is an example of the continuing demand for well-located industrial space throughout the region, where supply remains limited. In this latest transaction, Schnioda Design Center inked a 10-year, $13.5 mil deal for a 135.7k sf ($0.83/sf/mo) facility located at 601-603 West Dyer Rd, east of Bristol St and south of Warner Ave in Santa Ana. Schnioda will use the entire building for wholesale distribution of silk flowers and accessory design products.
The building owner, 601 West Dyer Road LLC, purchased the building in November of 2007 following the acquisition of the building, the new owners finished the refurbishment of the property, which resulted in the property being leased upon the completion of the renovation.
The industrial building is split into three separate spaces and includes amenities such as 16 front-loaded dock-high doors, brand new offices, upgraded sprinkler system and a new state-of-the-art "Ardex" warehouse floor with a 6000-lb psi floor rating, large secure yard area, new landscaping, ADA access points, new secondary storefront entrance and a 26' feet clear height in the warehouse.
"It is very impressive that such a large amount of space was completely absorbed in such a short amount of time in only 30 days post completion of the rehab, especially considering current market conditions," explained Kevin Turner, Senior Vice President at Voit's Irvine office. "Despite the tough market conditions, there were multiple parties vying for the property and that is usually a good indication that the region has a shortage of quality buildings."
Turner and Mike Hartel, also with Voit, represented 601 West Dyer Road LLC in the lease transaction. The duo also repped both the buyer and the seller, RIF III, in the sale transaction.
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