Alere Property Group has acquired North Orange Industrial Park, a 138,970-square-foot asset in Orange, Calif., for $22 million. The seller was a private investor.
The property is located at 1481-1497 N. Main St., with easy access to Orange Freeway that offers connections to both Los Angeles and the wider Inland Empire market. The asset was completed in 1973 on 6.8 acres and consists of three concrete buildings featuring several ground-level unit sizes and multi-tenant dock-high spaces. At the time of the sale, North Orange Industrial Park was fully leased to a tenant roster of light industrial and distribution users.
Mike Cargile, senior vice president in the Irvine office, and Loren Cargile, vice president in the Anaheim office, were part of the Voit Real Estate Services team that worked on behalf of the buyer. Real Estate Enterprises represented the seller.
A tight market
According to Cargile’s team, north Orange County has seen a shrinkage in supply due to industrial assets being converted to entertainment venues and residential properties. Orange County is the tightest market in Southern California, with vacancies in the 2 to 3 percent range, while asking rates are in their seventh year of growth and third consecutive year of gains above the 7 percent threshold, per Voit data.
“The diverse economy, low vacancy rate and proximity to the ports have kept the Orange County market steady and highly desirable for investors as well,” says Loren Cargile, in prepared remarks. “Industrial-property trading is heavy in this market, with logistics facilities being the most desirable.”
Voit has also recently worked on behalf of Ironwood Partners to close the $16 million sale of an industrial property in the Inland Empire.
Image courtesy of Yardi Matrix