This is the largest industrial investment sale in the Irvine Business Complex this year, states Michael Hartel, a senior vice president in the Irvine office of Voit Commercial Brokerage. Hartel and a team of Voit brokers including Kevin Turner, Trent Walker and Mark Weeks of the company's Irvine office represented the buyer, with Jim Morrison of the Morrison Co. representing the seller HB Tustin Franklin LLC.
Hartel comments that the transaction demonstrates that the Orange County industrial market continues to attract investors at a time when investment sales across the nation have slowed drastically. Despite the national hesitancy to invest in real estate due to the uncertain economic future, The Orange County industrial market remains a solid investment, Hartel says.
The latest reports from Voit Commercial show that the Orange County industrial market has remained relatively stable despite the downturn that has produced so much empty space in the county's office market.Activity in the second quarter recovered to 3.3 million sf from 2.5 million sf in the first quarter, as GlobeSt.com reported when Voit released its second-quarter statistics.
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