BKM Plans Industrial Condos

Louis Tomaselli of Voit Commercial Brokerage's Anaheim Metro office says the development will be a 19-building project with unit sizes ranging from 5,664 sf to 24,840 sf. It is scheduled for completion in April.Tomaselli and his Voit partner, Mitch Zehner, represented the buyer and have been retained to market the buildings, along with John Collins of Voit's Irvine office. The new BKM business center is at 3189-3193 Redhill Ave., just west of the Orange County Airport. Collins, along with Tomaselli, Zehner and Mike Boomer of Voit's Anaheim Metro office represented the seller.The BKM buildings will go on the market at a time when the Orange County industrial market is on an upswing, according to the most recent Voit research reports. Net absorption for the industrial market totaled more than 4.3 million sf in 2004, the most absorption since the year 2000. Industrial vacancy stood at just under 4.38% at the end of the year, which is almost 30% lower than it was at the end of 2003 and "this will put more pressure on lease rates to continue to climb," according to the Voit market report. Even with sublease space, the industrial availability measured only slightly checked in at a rate of slightly more than 6.2%, which is 25% lower than what was on the market a year ago. At the same time, the average asking triple net lease rate grew to 58 cents in the fourth quarter, up 11.5% on a year-to-year basis and two cents higher than last quarter.