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9/17/18
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A single-tenant 31.4k sf flex / industrial building in Costa Mesa sold for $6.82 mil, or $217/sf. The property, located at 340 Fischer Ave, just east of Red Hill Ave and the 55 Fwy, is fully leased to Toyota Racing Division.
Robert E. Griffith with Newmark Knight Frank represented the seller, Janez Properties Inc, in the transaction. The buyer was in a 1031 tax deferred exchange. The sale came in at a 3.5% cap rate.
“We had 10 offers with four at the asking price, underscoring the intense investor demand for Orange County industrial properties,” said Griffith. According to Griffith, the Orange County industrial market has an overall 2% vacancy factor and this Costa Mesa submarket is at 1%.
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