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4/08/22
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Architectural Surfaces Group and Phelps United leased a total of 97.1k sf of industrial space in at adjacent facilities in Anaheim. The facilities, situated on 4.63 acres at 4850 and 4852 E. La Palma Ave, feature 10 dock-high doors, three grade-level doors, 32’ minimum clear height, a large, fenced yard and extensive street frontage on La Palma Ave.
Architectural Surfaces Group, a distributor and importer of natural, engineered stone and related products, renewed its existing lease for 42.1k sf for seven years and expanded into the adjacent unit, adding 9.6k sf of additional space, also for a seven-year period. This brings the total commitment to 52.1k sf. The company will be using additional docks and warehouse space for their expanding business.
Phelps United, a software platform company, secured a new lease for the remaining space at the adjacent unit at 4852 E. La Palma Ave, occupying 45k sf.
Due to the region’s proximity to the ports and limited available space, the industrial vacancy rate in Orange County decreased 40 basis points year over year to a miniscule 1.1% in Q4 2021, according to CBRE research. The region’s availability rate dropped 210 basis points year over year to 2.3% in the last three months of the year due to strong demand from investors, 3PL’s and e-commerce tenants.
CBRE’s Sean Ward and Ben Seybold represented the landlord, Richard Goodman, in the transactions. According to CBRE, the average asking rate in the OC increased 28% year over year to $1.37 per sq. ft. per month, the highest year-over-year increase since 2016.
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