SARES REGIS Group sold a pair of neighboring Huntington Beach industrial properties to Beverly Hills-based Crowns Associates Realty as rising e-commerce drives demand for logistics real estate.
Both are fully leased, with 122,280 square feet between them, and sold for a total of $35.3 million.
Both properties sit on the northern edge of Huntington Beach, about 23 miles from the ports of Long Beach and Los Angeles, with access to Interstate highways. The Orange County market also has benefited from the limited supply of industrial real estate with high clearance and a big footprint.
The average asking lease rate for industrial properties in Orange County is up 4.7 percent since the fourth quarter of last year to a record high of $1.12 per square foot, according to CBRE. Average asking sales prices are up 8.8 percent from the fourth quarter to $287.65 per square foot.
One of the Huntington properties is a two-story building totaling 60,891 square feet — including 15,861 square feet of office space — on roughly three acres at 15301 Springdale Street.
The building is 43 years old but features 24-foot clearance heights. The site serves as the headquarters for Vispero, which develops and provides assistive technology for the visually impaired.
The other property totals 61,389 square feet on 3.3 acres at 15461 Springdale Street. The 1976-built facility has 26,000 square feet of office space and 22-foot clear heights. It’s the headquarters for IT service management company Applied Computer Solutions.
CBRE’s Jeff Carr represented Crown Associates in the deal, while his colleagues Brad Bierbaum and Gary Stache represented SARES REGIS.
Both L.A. and Orange counties are among the nation’s key warehousing and industrial markets. Both have remained tight throughout the pandemic and some submarkets are tightening amid a pandemic-fueled push among logistics providers, including Amazon.
Demand is especially high for modern logistics properties with high clearance heights and large footprints, but a tight L.A. market before the pandemic pushed up sales prices and lease rates for older properties like the Huntington Beach properties.
The post SARES REGIS sells Orange County warehouses to Crown Associates for $35.3 million appeared first on The Real Deal Los Angeles.
Powered by WPeMatico