By BOB GOODMANSON
Strong sales at high numbers continue to spur the absorption of industrial space in West Orange County. Fueled by low vacancy and strong demand, record high lease and sale numbers continued in third quarter. Trade continues to be the catalyst of activity for warehouse transactions.
West Orange County is experiencing activity from local businesses, as well as port-related companies. Active tenants and buyers are diversified consisting of companies in the apparel, automotive, household products and appliances, aerospace, pharmaceutical products, construction products and electronic industries. Farmers and Merchants Bank, Carlen Co. and Original Parts Group recently closed escrow on more than 209,352 square feet of space, to name a few.
Overton Moore’s Pacific Gateway Business Center in Seal Beach consists of 10 industrial buildings from 45,000 square feet to 184,000 square feet, totaling approximately 830,000 square feet. This 45-acre site was surplus Boeing Co. land that took eight years to get approved due to Coastal Commission restraints. Half of the buildings are completely full.
In Westminster, RREEF Funds LLC just leased the recently refurbished 258,506-square-foot industrial building to B. Braun for five years. In Huntington Beach, I-Mar bought the remaining Burke building consisting of an 18,329-square-foot building for $3.12 million. Also, Titan Industries bought a 45,315-square-foot building for $6.89 million. In Garden Grove, Proview subleased 84,195 square feet to AII Group, also from Garden Grove.
Strategically located to easily serve Los Angeles and Orange counties with equal ease, while being close to the ports of Long Beach and Los Angeles, West Orange County has been impacted by recent growth,particularly from trade from Pacific Rim counties. Absorption also has been improved by companies waiting to operate in an area that has a low crime rate and high quality of life.
The area continues to be a very desirable location 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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