ANAHEIM, CA-A privately held investment group has acquired a 27,859-sf industrial building for $4.8 million and has named Voit Commercial Brokerage to market it for lease. Tait & Associates bought the property, which is at 2130 E. Orangewood Ave., from a private investment trust.
Tait & Associates has named Rob Socci, SVP with Voit's Anaheim Metro Office, as the listing agent for the building. Socci calls it "a great investment opportunity in an area with a substantial amount of growth taking place."
Socci represented Tait in the purchase of the building. The seller was represented by Vince Ferragamo of Touchdown Real Estate.
Socci's comment about the substantial growth applies not only the Anaheim industrial market but pretty much to the industrial market throughout Orange County, according to a recent Voit market survey. The quarterly report on the county's industrial market showed that the vacancy rate for industrial space in the county remained under 4% in the first quarter.
"This will put more pressure on lease rates to continue to climb in 2006," the Voit report says. The average asking triple net lease rate was 61 cents per sf per month in the latest market survey, an increase of 3.39% when compared to a year ago.
The 61-cent rate is within a penny of the record high average asking lease rate for industrial space, which Orange County achieved in the fourth quarter of 2000 and the first quarter of 2001. For a while, industrial lease rates were flat or barely rising in much of Southern California while sales prices continued a steady climb, but sales and leasing rates have both shown strength in recent market reports.
The average asking selling price was $130.70 per sf in the first-quarter Voit report, a new record high. That was an increase of almost 8.77% when compared to a year ago.
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