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December 11, 2017
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ORANGE COUNTY NEWS
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Knowlton Communities Lures Fishing Products Biz into 25k sf OC Lease Renewal

9/01/17

Lucky Craft Lure Co, a fishing lure and product manufacturer, agreed to a 10-year, $2.92 mil lease renewal for its 25.3k sf ($0.96/sf/mo) industrial space in Costa Mesa. The facility is located at 380 Clinton St, just east of Hwy 73 between Red Hill Ave and Campus Dr.

Lucky Craft occupies the entire property, situated in a Cul de Sac behind John Wayne Airport, one of the most sought-after industrial submarkets in Orange County. Lucky Craft uses the facility as their U.S. corporate headquarters and distribution hub.

The John Wayne Airport area is one of the tightest industrial markets in the region. Fundamentals have remained strong in all of Orange County, despite activity declining during the second quarter, according to CBRE research. The drop was not due to a lack of tenant demand or a softening market, but rather a function of the market tightening, leaving fewer options.

Despite lack of available space, Orange County’s gross activity and net absorption since 2010 averaged 12 msf and 1.5 msf annually, respectively, per CBRE. These sustained levels of activity are a testament to the attractiveness of the region.

CBRE’s Ross Bourne represented the tenant in the transaction. Knowlton Communities repped itself in the deal.

“The tenant was able to lock in a renewal rate at today’s rents even though the lease is up first quarter of 2018,” said Bourne. “They jumped on the opportunity to renew now, given space in this market is sparse and demand is through the roof.”




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