(EDITOR’S NOTE: The property sold for approximately $289 per square foot.)
Newport, Calif. – June 7, 2021 – CBRE announced the sale of two fully leased industrial buildings totaling 122,280 square feet in Huntington Beach, Calif. to Crown Associates Realty, Inc. of Beverly Hills.
CBRE’s Jeff Carr negotiated the sale on behalf of the buyer. The seller, SARES REGIS Group, was represented by CBRE’s Brad Bierbaum and Gary Stache.
The first property is a 60,891-square-foot building situated on 2.95 acres at 15301 Springdale Street. The two-story property was built in 1978 and features 15,861 square feet of office space, 24-foot clear height, two ground-level doors and one exterior double truckwell door. It serves as the headquarters for Vispero, a provider of assistive technology for the visually impaired.
The second property is a 61,389-square-foot building situated on 3.34 acres at 15461 Springdale Street. The two-story property was built in 1976 and includes 26,000 square feet of office space, 22-foot clear height and one exterior truckwell. Applied Computer Solutions, an IT services management company, leases the space for its headquarters.
The properties are centrally located along the coast between Orange County and Los Angeles. They offer convenient access to I-405, SR-22 and I-605 and are in proximity to the Ports of Long Beach and Los Angeles, which, together, rank ninth in the world for container volume.
Pricing for industrial property in Orange County has surged over the last year, according to CBRE’s Q1 research. The average asking lease rate increased 4.7 percent since Q4 2020 to $1.12 per square foot, reaching a record high. The tightness of the market coupled with rising demand is driving the steep climb in pricing. The appetite from investors and owner-users alike for industrial product in Orange County has kept sales prices on an upward trajectory. Sales volume topped $306 million in the first quarter, and the average asking sale price increased 8.8 percent from the fourth quarter 2020 to $287.65 per square foot.
