|
12/21/16
|
Berkeley Partners purchased a 117.8k sf OC industrial complex from Rexford Industrial Realty in a recent $17 mil ($144/sf) investment deal. The property, Yorba Linda Business Park, consists of four single-story buildings located at 22343, 22345, 22347 and 22349 La Palma Ave, on a prime, nine-plus-acre site in northeastern Orange County.
Yorba Linda Business Park currently contains 68 units with flexible suite sizes that can accommodate a wide range of industries. It features over-standard parking, and numerous restaurants, retail and hotel amenities within close proximity to the site.
Major tenants in the park include The Well, Canyon Crossfit, Global Powersport Resource, CaliRovers, LLC and Central Enterprises. The project is well located off the 91 Fwy, between the 55 Fwy and the 241 Toll Road.
Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez and Nico Napolitano with Cushman & Wakefield’s National Industrial Advisory Group (IAG) represented both the buyer and the seller in the transaction, with Rick Ellison, also of the firm’s Irvine office, providing local market advisory.
Chiate noted, “Strengthening tenant demand and solid market fundamentals has reduced North Orange County’s industrial vacancy to sub 2.0 percent as of Q3 2016,” while the Yorba Linda submarket vacancy was just 1.4 percent according to Cushman & Wakefield’s latest market reports. Located approximately 40 miles south of Los Angeles, the city also boasts a very healthy unemployment rate of 3.6 percent.
|
|
Return to the Archive page
|
|
|
|
|