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2/20/19
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Alere Property Group paid $21.95 mil for North Orange Industrial Park, a 139k sf ($158/sf) industrial business park in the city of Orange, in an off-market transaction. The property is located at 1481-1497 N. Main St and 1203-1347 W. Trenton Ave, east of the 57 Fwy between Ball Rd and Katella Ave.
The property, which is 100% occupied by a current tenant mix of light industrial and distribution users, comprises three multi-tenant industrial buildings featuring a variety of ground-level unit sizes and multi-tenant dock-high spaces. It offers an easy commute to LA and the Inland Empire, making it ideal for distribution companies seeking easy access to vendors and customers.
Mike Cargile and Loren Cargile with Voit Real Estate Services, represented the buyer in the deal. Real Estate Enterprises, based out of Newport Beach, California, represented the private seller in the transaction.
According to the Cargile team, North Orange County has seen a dwindling of industrial supply as properties are being converted to high-rise residential and entertainment uses, especially near Angel Stadium. As industrial product has been removed, owners are benefiting from a higher lease rates and supply-and-demand dynamics.
The Orange County industrial market as a whole is one of the tightest markets in Southern California with a vacancy rate of 2-3%. In response, rental rates have surged over the last several years, with asking rates recording their seventh consecutive year of positive growth and third straight year of 7%-plus gains in 2018.
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