Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LA HABRA, CA-Bay Harbor Management of Costa Mesa bought the 120,796-sf Park Lambert business park at Lambert Road and Harbor Boulevard in La Habra for $7.65 million from Park La Habra LLC.

Mike Lawrence of Marcus & Millichap, who represented the buyer and the seller, tells GlobeSt.com that the business park, which is fully occupied, attracted more than a dozen prospective buyers.

“We had a small number of instititutional investors bidding on it, but mainly the buyers were limited partnerships and individuals,” Lawrence tells GlobeSt.com. He says the number of bidders illustrates the strong and growing demand for industrial properties in Southern California from investors as well as owner-users.

“Industrial properties are in as much demand as I’ve seen in 12 years,” Lawrence tells GlobeSt.com. He says the volatility of the stock market is one factor, bringing in prospective buyers who have taken money out of stocks. Low interest rates help drive demand, too, Lawrence says, but he says low interest rates also are one reason that relatively few industrial properties are on the market.

“A lot of would-be sellers can refinance and take the equity out of their buildings rather than having to sell,” he explains.

The dollar volume and number of transactions are actually down from their peak in 1998, Lawrence says. “There are fewer properties for sale,” he says, “but the properties in play are getting a lot of activity.”

The Park La Habra business park was built in 1986 and underwent a remodeling two years ago. It is a single-story, concrete tilt-up, four-building development with 18 tenants. The largest tenant is Mercury Casualty Insurance Co., which has a records storage facility at the site.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.