GARDEN GROVE, CA—GlobeSt.com has learned exclusively that Karney Management Co. has purchased a 125,000-square-foot warehousing and distribution center at 12101 Western Ave. here from Regal Logistics for $14.8 million. The transaction is being hailed as one of Orange County’s largest industrial property transactions of 2014.
The property was built in 1987, and Karney is now executing an extensive renovation and refurbishment. GlobeSt.com was unable to determine before deadline the extent of the renovation or the total anticipated construction costs.
The facility features 14 dock-high loading doors with levelers, one ground-level loading door, two fenced and secured truck yards, a truck scale and direct-surface access to five major surface transit routes: the 22, 405, 605 and 91 freeways, plus I-5. Its location also provides access to the ports of Los Angeles and Long Beach and to the Alameda Corridor.
Colliers International‘s senior EVP Clyde Stauff represented Karney in the transaction, while Regal Logistics was represented by Todd Clarke of Kidder Mathews and Voit Real Estate Services‘ Peter Castelton. Stauff has also been named the building’s exclusive leasing broker.
“This is one of the most valuable pieces of property in a region of Southern California where demand for warehousing and distribution space is beginning to outstrip supply,” says Stauff. “The location and size of this space, combined with its direct access to so many major surface transit routes, will make this facility one of the most efficient and competitive properties in this key industrial region.”
The facility also features 20,000 square feet of class-A office space and an upgraded main lobby. The two-story office features a flexible design that can easily be converted into creative-office space. Roughly 250 parking spaces are available for employees and visitors.
As GlobeSt.com reported in March, Colliers International has named veteran commercial real estate broker and senior management executive Robert Caudill as regional director for Orange County, a newly created post. Caudill will remain based at the firm’s Irvine-based regional headquarters.