A fully occupied industrial asset in Garden Grove has recently been placed on the market, offering 47,422 square feet of distribution and manufacturing space. The property is being listed by NAI Capital with an asking price of $12.9 million, or about $265 per square foot.
Built in 1975 on 2.34 acres, the industrial asset was constructed as a two-unit facility located at 7311 and 7341 Anaconda Avenue. According to public records, the property is currently owned by Santa Moncia-based Given & Co., which has owned it since 1996.
Both units are currently occupied by long term tenants, Decorative Plumbing Distribution and Goodwin Ammonia Company. Decorative Plumbing Distribution occupies 22,135 square feet of space in the first unit at 7311 Anaconda Avenue, while Goodwin occupies the 25,298 square feet of space in the second unit.
According to NAI, Decorative Plumbing Distributors’ lease runs until 2026, while The Goodwin Ammonia Company’s lease ends in 2023. However, both leases offer five year extensions with three percent rental increases.
The property is located in a primarily industrial area, with nearby companies including Boeing, TJ Aerospace, Inc., Office Depot and many more. Also nearby is Interstate 405 and State Road 39, providing easy access throughout the rest of Orange County.
The Orange County industrial market has grown in recent years. According to an Orange County industrial market report by Newmark, vacancy in the sector has dipped to just 2.3 percent as of the fourth quarter of 2021. At the same time, rental rates continue to climb, finishing at $1.31 per square foot in the fourth quarter. At the same time in 2020, rental rates averaged $1.16 per square foot. Additionally, net absorption in the fourth quarter of 2021 reached 350,511 square feet, as opposed to just 179,00 square feet the year prior.