LAKE FOREST, CA-GlobeSt.com has learned exclusively that Rick Watson of Wildfire Gymnastics, a state-of-the-art, full-service gymnastics program, has purchased a 37,520-square-foot industrial building at 20662 Prism Pl. here from Sy Corp. for $5.5 million. Several potential buyers had expressed interest in the property before it was sold, according to the brokers involved.
Kurt Bruggeman, SVP at Lee & Associates Irvine negotiated the sale on behalf of the seller. Kevin Turner with Voit Real Estate Services represented the buyer.
“There was significant demand for this property,” says Bruggeman. “Wildfire Gymnastics already has a successful facility in Tustin, and they were looking for a central location to serve South Orange County, making this property a perfect fit for their expansion.”
The sale comes on the heels of a $37-million sale that Bruggeman and Ryan Swanson, also a SVP with Lee Irvine, brokered in Costa Mesa and on which GlobeSt.com also reported exclusively. That deal, a in which a partnership between Voit Development and Penwood Real Estate Investments sold an industrial property at 1683 Sunflower Ave. here to a private investor, was one of the largest industrial sales in Orange County in 2013.
As GlobeSt.com reported last week, vacancy for available space in the Orange County industrial market has decreased from 7.3% to 5.7% over the past year, Jerry Holdner, VP of market research for Voit Real Estate Services, tells GlobeSt.com. Absorption for this type of space will come in just shy of 2 million square feet for 2013, whereas that figure was around 1 million square feet for 2012.
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