Burke Completes 68,000-SF Monarch Center

GARDEN GROVE, CA-Burke Real Estate Group of Costa Mesa has completed construction on its Monarch Corporate Center, a 68,457-sf industrial and R&D condominium project that targets small and medium-sized businesses. The new Burke project, at 11258-11266 Monarch St., offers buildings for sale and for lease.

Burke describes the new development as "the only new small industrial development in Western Orange County to offer units under 2,500 sf." Despite a high demand for industrial space among Orange County's small business owners and entrepreneurs, "there are very few new developments due to the scarcity of available land," says Mike Coady, vice president of development at Burke.

The project, which is situated on nearly 3.8 acres at the intersection of Knott and Orangewood avenues, features three buildings of two units each that are offered for sale, plus a fourth building that comprises 16 units that are available for lease. The three two-unit buildings range from 11,584 sf to 13,736 sf, while the fourth building measures 25,254 sf. Four of the units in the 25,254-sf building have already been leased.

According to Coady, Burke designed Monarch Corporate Center specifically to meet the needs of entrepreneurs by providing the opportunity to purchase or lease units. He says the idea behind offering some units for sale and others for lease was that, "The freedom to purchase or lease provides business owners with the opportunity to make real estate decisions that best fit their business plan and growth objectives."

The leasing and sales agents for the new Burke project are David Baker and Gary Marquis of Collins Commercial. Financing for the project included $9.86 million for acquisition and construction that was arranged by Wrightwood Capital, according to a GlobeSt.com report last year when the project was getting under way.