Carr represented the sellers, Gregory and Ellen Heinze. The property is a freestanding building at 20291 Valencia Circle in the Lake Forest Technology Center. Carr comments that the transaction "speaks to the extremely low vacancy in Orange County's industrial sector." The overall vacancy stands at about 3%, and the vacancy rate for manufacturing/distribution facilities is even tighter, Carr points out.
Red Digital bought the building as part of an expansion. The company also owns and occupies a neighboring building. Built in 2001, the 20291 Valencia Circle building features 13,000 sf of upgraded office space, 3,000 sf of R&D space and 16,000 sf of warehouse space.
"It is very difficult to find a freestanding building of this size in Orange County, so it's not surprising that this building sold so quickly and at a great price," Carr observes. "Due to the continuing lack of availability in Orange County, we're seeing more and more buyers and tenants expanding their searches to the Inland Empire in order to find this type of space.
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