A Placentia industrial development is fully occupied shortly after wrapping construction, as two firms inked separate lease deals totaling 93,383 square feet.
Oadeer Home, a home furnishing wholesaler, and Expo Convention Contractors, a Miami-based specialty trade show contractor, signed leases to occupy the entirety of 718 and 719 Lakeview Loop Way.
The new project, just north of the Riverside (91) freeway and just off Lakeview Avenue, was delivered in the second quarter.
CBRE’s Sean Ward and Ben Seybold represented the Newport Beach-based landlord, Ajax Lakeview Development, in the deal.
“High-quality industrial space is extremely hard to find these days,” Ward said. “We had multiple offers on the property and signed both leases at completion of construction at record high lease comps.”
Expo Presence
Oadeer is relocating its Southern California headquarters from Chino to the 54,774-square-foot warehouse at 718 Lakeview.
Expo Convention plans to use the 36,608-square-foot space at 719 Lakeview as a new warehouse location.
Both deals are for seven years.
The lease is the latest move by Expo, a national general contractor for trade shows and events, to grow its presence here, following an expansion last year that added local employees, including Dustin Blaine, who now heads West Coast operations for the firm out of Anaheim.
The company’s services include exhibit design, rentals, marketing materials and floor plan development.
The firm is one of several larger trade show servicing companies with an Orange County presence.
Rising Rates
The recent deals add to continued strength for OC’s industrial sector, with average monthly asking lease rates reaching a new record high of $1.12 per square foot in the first quarter of 2021, up 4.7% from the fourth quarter of 2020.
“The Placentia properties leased close to 20% above the record-high average asking lease rate,” said Seybold. “The tightness of the market coupled with rising demand is driving the steep climb in pricing.”
