ANAHEIM, CA-Six industrial tenants have signed leases totalingnearly 443,000 square feet valued at $14 million in the NorthOrange County Market in what is being described as a significantincrease in leasing in the region. The six new leases suggest achange in leasing in the North Orange County market. Ben Seybold,one of two CB Richard Ellis brokers who worked on all six deals,says that the firm is "seeing the activity picking up significantlyas buyers and tenants who sat on the sidelines for much of 2009 arenow in a position where they must make decisions about their realestate." Seybold and Sean Ward of the Anaheim office of CBREcompleted the six leases, four in Anaheim and two in Fullerton, onbehalf of the tenants.

|

The largest of the six transactions was a 104,000 square footlease renewal at 2891 E. Mira Loma Ave. in Anaheim, where RB DwyerCorp. renewed its full-building lease with the landlord, MSIndustrial, for 84 months. In a separate transaction, RB Dwyersub-leased 28,697 square feet of the building to Wheaton Van Linesfor 60 months. Seybold and Ward represented RB Dwyer in both therenewal and sublease, and also represented the tenant in thesublease.

|

In two other leases in Anaheim, Morphotrak renewed for 84,185square feet at an R&D building 1250 N. Tustin Ave., where itwill continue to occupy 100% of the building for 66 months, andLynch Metals, a division of Metals USA, signed a new five-yearlease at 2570 E. Miraloma Way for 45,000 square feet. Seybold andWard represented the tenants in both of the leases.

|

In the two Fullerton leases, Seybold and Ward represented bothof the tenants. In one of them, Plastic Suppliers Inc. renewed35,904 square feet at 1040 East Valencia Dr. for five years in abuilding owned by Principal Real Estate Portfolio Inc. In theother, Carolina Logistics Services signed a renewal for 85,172square feet for an additional 64 months at 701 Sally Place. Thelandlord, AEW Capital Management, was represented by CBRE’s JoshBonwell and Rick McGeagh.

|

In each of the lease renewals, the new leases lower the tenants’occupancy costs while extending the length of the terms, Wardnoted. “In the Lynch Metals transaction, which was a new lease, wewere able to double the size of their facility while keepingoccupancy costs almost the same,” he added.

|

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.