CBRE announced that Architectural Surfaces Group and Phelps United leased a total of 97,116 square feet of industrial space in Anaheim, North Orange County.
CBRE’s Sean Ward and Ben Seybold represented the landlord, Richard Goodman, in the transactions.
Architectural Surfaces Group, a distributor and importer of natural, engineered stone and related products, renewed its existing lease for 42,146 square feet for 7 years and expanded into the adjacent unit, adding 9,597 square feet of additional space for a 7-year period. This brings the total commitment to 52,133 square feet. The company will be using additional docks and warehouse space for their expanding business.
Phelps United, a software platform company, secured a new lease for the remaining space at the adjacent unit at 4852 E. La Palma Avenue, occupying 44,983 square feet.
The facilities, located at 4850 & 4852 E. La Palma Avenue, situated on 4.63 acres, feature ten dock-high doors, three grade-level doors, 32’ minimum clear height, a large, fenced yard and extensive street frontage on La Palma Avenue.
Due to the region’s proximity to the ports and limited available space, the industrial vacancy rate in Orange County decreased 40 basis points year over year to 1.1 percent in Q4 2021, according to CBRE research. The region’s availability rate dropped 210 basis points year over year to 2.3 percent in the last three months of the year due to strong demand from investors, 3PL’s and e-commerce tenants.
The average asking rate in the OC increased 28 percent year over year to $1.37 per sq. ft. per month, the highest year-over-year increase since 2016.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
