{"id":1004185685,"date":"2017-08-02T07:00:15","date_gmt":"2017-08-02T15:00:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004185685"},"modified":"2022-12-08T16:28:17","modified_gmt":"2022-12-09T00:28:17","slug":"jv-acquires-27m-industrial-building-in-ca","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jv-acquires-27m-industrial-building-in-ca\/","title":{"rendered":"JV Acquires $27M Industrial Building in CA"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004185693\" style=\"width: 364px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/MI-2.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004185693\" data-attachment-id=\"1004185693\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jv-acquires-27m-industrial-building-in-ca\/mi-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/MI-2.jpg\" data-orig-size=\"400,310\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;IvyLee Rosario&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1501590110&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Monarch Industrial\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Monarch Industrial&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/MI-2.jpg?w=400\" class=\"wp-image-1004185693\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/MI-2.jpg\" alt=\"Monarch Industrial\" width=\"354\" height=\"275\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/MI-2.jpg 400w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/MI-2.jpg?resize=300,233 300w\" sizes=\"auto, (max-width: 354px) 100vw, 354px\" \/><\/a><p id=\"caption-attachment-1004185693\" class=\"wp-caption-text\">Monarch Industrial<\/p><\/div>\n<p>Penwood Real Estate and Western RealCo purchased Monarch Industrial, a <a href=\"https:\/\/www.commercialsearch.com\/news\/ta-realty-sells-202m-mid-atlantic-industrial-portfolio\/\">multi-tenant warehouse facility<\/a> in Garden Grove, Calif., from Colony Northstar for $27 million.<\/p>\n<p>Located at 12752 to 12822 Monarch St., the 276,585-square-foot Monarch Industrial is 100 percent occupied by four tenants: Virtu USA, V Factory, New Mode Sportswear and Riviera Beverages. The facility is in close proximity to the 22, 504 and 605 freeways.\u00a0<\/p>\n<h2>Orange County&#8217;s Industrial Growth<\/h2>\n<p><em>&#8220;Industrial property throughout Orange County is seeing a healthy rise in rents and an overall vacancy that is now under 2 percent as of the end of the second quarter of 2017,&#8221;<\/em> said Hardy, in prepared remarks.<\/p>\n<p><em>&#8220;Industrial investment offerings such as Monarch are scarce as both institutional and private investors seek to increase their allocations in the sector while typically retaining ownership for the long term. As a result, the marketing process generated numerous offers. The buyer secured the fully leased asset at below replacement cost and has the opportunity to bring rents up to market rates as leases expire,&#8221; <\/em>he added.<\/p>\n<p>NKF&#8217;s Capital Markets West Coast President Kevin Shannon, Managing Director Scott Schumacher, and Executive Managing Directors Bret Hardy and Jeff Read represented the seller. The buyers represented themselves.\u00a0<\/p>\n<p><em>Image via Google Maps<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Colony Northstar sold Monarch Industrial, a warehouse facility in Garden Grove, Calif. The property is fully leased to four tenants.<\/p>\n","protected":false},"author":746,"featured_media":1004185693,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21742,34267,15],"tags":[33430,36007,37077],"class_list":["post-1004185685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-latest","category-orange-county","category-west","tag-colony-northstar","tag-newmark-knight-frank","tag-western-realco"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>JV Acquires $27M Industrial Building in CA - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jv-acquires-27m-industrial-building-in-ca\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JV Acquires $27M Industrial Building in CA\" \/>\n<meta property=\"og:description\" content=\"Colony Northstar sold Monarch Industrial, a warehouse facility in Garden Grove, Calif. 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She has a background in Journalism and joined the team in 2016. She produces the MHN Daily newsletter, manages byline content, oversees the Research Center for both brands and hosts the Multifamily's Top Marketers podcast. 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