By Bob Goodmanson
Global trade continues to spur the absorption of industrial space in West Orange County.
Fueled by low vacancy and strong demand, record high lease and sales continued in the second quarter of 2007.
Recently completed is Overton Moore’s Pacific Gateway Business Center in Seal Beach, made up of 10 buildings from 45,000 square feet to 184,000 square feet, totaling about 830,000 square feet.
This 45-acre site was surplus Boeing Co. land that took eight years to get approved by Irvine-based Boeing Realty due to coastal commission restraints.
Local businesses and port-related companies are taking space at Pacific Gateway. They’re a mix of apparel, automotive, household products, aerospace, pharmaceutical, construction products and electronics companies to name a few.
Long Beach-based Farmers & Merchants Bank just closed on 45,225 square feet for $180 per square foot. Other deals are pending with escrows due to close in August.
In Westminster, RREEF Funds LLC is renovating a 258,506-square-foot industrial building it bought in December. The property is in final talks to lease for five years.
Huntington Beach’s Astronautics Corporate Center, a 400,000-plus-square-foot development by Santa Ana-based Burke Real Estate Group, is full with five sales and a lease of 185,000 square feet.
With Astronautics Corporate Center’s proximity to the ports of Long Beach and Los Angeles, its location has been impacted by recent growth, particularly from trade.
Absorption also has been driven by companies wanting to operate in an area that has a low crime rate and high quality of life.
West County continues to be a desirable spot for businesses. Demand is expected to continue to be strong through the remainder of 2007 and into 2008.
Goodmanson is a senior vice president in the Newport Beach office of CB Richard Ellis.
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