Jeff Read of Grubb & Ellis, who notes that leasing of industrial and warehouse activity has been slow for the past year in northern Orange County, says the Midwest deal is a sign of increased tenant demand.
Midwest Air Technologies has already occupied its portion of the 254,750-sf facility, which will be used for warehousing, distribution and light manufacturing. The firm relocated from Huntington Beach.
Jeff Read and Jim McFadden of Grubb & Ellis represented the landlord, Rreef/BB&K of San Francisco. Bob Goodmanson and Brian DeRevere of CB Richard Ellis represented the tenant.
Recent research reports say the Orange County industrial market showed signs of stabilizing in the third quarter, with rents and vacancies reversing their slides despite overall negative absorption for the quarter. Average rents for the county's 280 million sf of industrial space have settled near 58 cents per sf per month, triple net, after sliding from 62 cents.
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