GARDEN GROVE, CA-Twomey Holdings LLC of Los Alamitos has acquired a 99,674-sf multi-tenant business park here for $11.3 million after submitting the winning bid when multiple prospective buyers vied for the five-building project. John Rothwell of DAUM Commercial Real Estate Services tells GlobeSt.com that the project, built in 1987, consists of four multi-tenant buildings featuring spaces of 1,300 sf to 3,000 sf, plus a divisible 42,000-sf building.
The seller of the property was SVN Equities LLC of Irvine, which had owned it since 2002. Rothwell and fellow DAUM broker Jim St. Omer Roy represented the buyer, a privately held investor that was one of multiple bidders. SVN Equities was represented by Frank Kosi of the Newport Beach office of Sperry Van Ness.
Rothwell says that the multiple bids illustrate that "investor demand for high quality business parks is at an all-time high in Southern California." The Garden Grove Business Park, at 12600-12640 Westminster Ave., is primarily an industrial park of single-story and two-story concrete tilt-up buildings, with about 10% office build-out.
The project, which was 100% occupied at the time of the sale and includes 190 parking spaces, is located near the juncture of Interstate 5 and the 22 Freeway. Its 29 tenants include office, industrial and retail businesses.
Garden Grove is one of the largest industrial submarkets in the West County portion of Orange County, with an inventory of more than 11 million sf of the more than 35 million sf of space in the West County market. Like all Orange County industrial submarkets, it is posting low vacancy rates, about 5.7% at last report, with rising rental rates.
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