GARDEN GROVE, CA-Single-digit vacancies in this city are underscoring the desirability of industrial properties here, Michael Bouma of Voit Real Estate Services tells GlobeSt.com. Fundamentals and infrastructure here make it ideal for industrial users, and the historically low 5.21% vacancy rate has investors are clamoring for properties.
“The city is a desirable market for both businesses and investors due in part to its convenient location near the border of Orange and Los Angeles counties, excellent freeway access and proximity to the ports of L.A. and Long Beach,” says Bouma.
Bouma and Mike Hartel of the firm's Irvine offices recently directed the $11.98-million investment sale of an 82,602-square-foot R&D/manufacturing building located at 7421 Orangewood Ave. here on behalf of the seller, a private REIT, and the buyer, KIFLP Partnership. The building is occupied by Southland Industries, a nationwide, mechanical-engineering, construction and service firm, which will continue to lease the building.
Bouma also tells GlobeSt.com, “The sale was an off-market transaction to a 1031-exchange buyer. The buyer plans to hold the property long term as a leased investment.”
As GlobeSt.com reported earlier this week, an 88,787-square-foot industrial property at 5700 W. 96th St. in Los Angeles has been sold for $9.3 million. The buyer was 5700-96th Street Group of Cos. LLC,represented by Lee & Associates. The Goodglick Co. represented the seller, 5700 West 96th Street LLC. The property was built in 1952 and remodeled in 1987. The new owners allegedly plan to run a commercial parking operation in the building.
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