Imex Vision LLC, a maker of customizable cups and food containers, this month secured a lease for a 60,100-square-foot industrial building in Irvine.
The new lease marks an expansion for Imex, whose current headquarters in Lake Forest runs about 29,000 square feet. The company aims to relocate its base from Lake Forest to the Irvine facility, in a move that more than doubles its headquarters.
The property—located at 9101 to 9201 Jeronimo Road, less than 10 miles from the Santa Ana (5) Freeway—offers manufacturing and distribution capabilities, which Imex had been seeking.
It also “had the proper power” Imex needed for operations, Matt Biggs of Lee & Associates told the Business Journal.
The facility offers 4,000 amps of electrical power. Such is rare for older industrial buildings less than 500,000 square feet, according to real estate developer Hines.
Industrial buildings smaller than 500,000 square feet historically offered as much as 3,000 amps.
Biggs represented Imex in the deal. Imex officials declined to comment on the lease. Kyle McGillen and Rick Ellison of Cushman & Wakefield negotiated the deal on behalf of the landlord: theme park design company Battaglia Inc.
Current HQ
Imex’s current headquarters, at 20761 Canada Road in Lake Forest, is listed as available for lease.
The property joins the increasing supply of industrial space in Orange County.
“High interest rates are putting downward pressure on business expansion [across several industries], which causes sublease space to come onto the market at a quick rate,” Biggs said.
The additional supply has softened rental rates and demand for industrial properties in OC since last year when rates and occupancy for such space peaked.
Still, despite lower rents, the OC industrial market remains the strongest in Southern California.
That’s because “we’re not as port or distribution dependent as the other nearby markets,” McGillen told the Business Journal. Unlike Los Angeles and San Diego, “we’ve got more of a manufacturing base here.”
New Construction
Increasing supply is not only boosted by the rise in sublease space, but also new construction of industrial facilities in OC.
The region saw five new buildings running a combined 600,000 square feet deliver in the first quarter, according to a report by Voit Real Estate Services. Two of those properties were in Irvine, the other two in Tustin and the remaining facility in Anaheim.
Last year saw the most deliveries of OC industrial product since 2014, about 3.6 million square feet, according to data by Voit.
It’s unclear if this year will surpass 2023’s level, though the county has over 2 million square feet of industrial space currently under construction, the Voit report noted.
