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7/01/21
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Oadeer Home and EXPO Convention Contractors leased 93.4k sf of industrial space at a newly built industrial center in the north OC city of Placentia. The new Class A, free-standing project located at 718 and 719 Lakeview Loop Way, features a fenced and secured yard area, 32' minimum warehouse clearance, and abundant loading.
Oadeer, a home furnishing wholesaler previously based in Chino, signed a seven-year lease for 54.8k sf space, while EXPO Convention Contractors, a Florida-based specialty tradeshow contractor, committed to 38.6k sf, also for seven years. Oadeer Home will use the new space as their Southern California headquarters, while EXPO Convention Contractors plans to utilize the space as their new warehouse location.
CBRE’s Sean Ward and Ben Seybold represented the local private landlord. According to Ward, there were multiple offers on the property and they signed both leases at completion of construction at record-high lease comps.
Pricing for industrial property in Orange County has surged over the last year, according to CBRE’s Q1 research. The average asking lease rate increased 4.7% since Q4 2020 to $1.12 per square foot, reaching a record high.
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