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September 27, 2023
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Crown Associates Realty Buys 122k sf of Industrial Space in Huntington Beach


Crown Associates Realty, out of Beverly Hills, recently purchased two fully leased industrial buildings totaling 122.3k sf in Huntington Beach. The price was not given out.

One of the properties is a 60.9k sf building situated on 2.95 acres at 15301 Springdale St. The two-story property was built in 1978 and features 15.9k sf of office space, 24-foot clear height, two ground-level doors and one exterior double truckwell door. It serves as the headquarters for Vispero, a provider of assistive technology for the visually impaired.

The other property is a 61.4k sf building situated on 3.34 acres at 15461 Springdale St. The two-story property was built in 1976 and includes 26k sf of office space, 22-foot clear height and one exterior truckwell. Applied Computer Solutions, an IT services management company, leases the space for its headquarters.

The properties are centrally located along the coast between Orange County and Los Angles. They offer convenient access to I-405, SR-22 and I-605 and are in proximity to the Ports of Long Beach and Los Angeles, which, together, rank ninth in the world for container volume.

CBREs Jeff Carr negotiated the sale on behalf of the buyer. The seller, SARES REGIS Group, was repped by CBREs Brad Bierbaum and Gary Stache.

Pricing for industrial property in Orange County has surged over the last year, according to CBREs Q1 research. The average asking lease rate increased 4.7% since Q4 2020 to $1.12 per square foot, reaching a record high. The tightness of the market coupled with rising demand is driving the steep climb in pricing. The appetite from investors and owner-users alike for industrial product in Orange County has kept sales prices on an upward trajectory. Sales volume topped $306 mil in the first quarter, and the average asking sale price increased 8.8 percent from the fourth quarter 2020 to $287.65 per square foot.

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