ANAHEIM, CA-Intense Lighting has signed a new seven-year industrial lease for 153,898 square feet at 3340 E. La Palma Ave. here with landlord LBA Realty. The lease represents the first industrial big-box lease deal signed this year in Orange County.
Intense, which was represented by Chris Coyte of Lee & Associates, will occupy the space to manufacture and distribute commercial-lighting products. Jones Lang LaSalle Orange County team members Zach Niles, Louis Tomaselli and Steve Wagner represented the landlord.
According to Niles, "Intense Lighting's commitment to expand its manufacturing operations in Orange County is a testament to the attractiveness of the region's diverse labor pool, infrastructure and proximity to amenities, housing and the overall quality of life SoCal has to offer."
Niles adds that this tenant is not alone, since more than 60% of the lease deals greater than 100,000 square feet throughout Orange County in 2013 were for manufacturing and non-warehouse/distribution uses. He says that the momentum has continued in 2014 with multiple companies currently looking for industrial space to lease or buy with very little supply available.
As GlobeSt.com reported in January, Robert Brunswick, CEO of Buchanan Street Partners, told us that both office and industrial product rents in Orange County are artificially low and extremely well positioned for huge rental growth over the next few years. "Expect office rents to start growing aggressively in 204 and ramp up from there. Quality industrial product has been increasing at a 5% to 10% clip for the last 12 to 18 months, and we expect this trend to continue. Big upside in both office and industrial!"
Stay tuned to the Orange County page for more information from JLL's Zach Niles on Orange County's big-box industrial sector.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
