(Read more on the industrial market.)

GARDEN GROVE, CA-Westcore Properties of San Diego has sold its 277,000-sf Monarch project to an affiliate of Boston-based Colony Realty Partners for $24 million after receiving 10 offers on the industrial building, the San Diego firm reports. The property is at 12752-12822 Monarch St., where it occupies an 11-acre lot.

The Colony Realty Partners affiliate that acquired the building is CRP-2 Monarch LLC. According to Gary Katz, director of acquisitions for Westcore Properties in Southern California and the West, the disposition completes a business plan for Westcore that involved stabilizing occupancy and selling the property in a tight submarket where recent market reports show lease rates continuing to rise, demand remaining strong and investment sales continuing at a steady pace.

The Monarch property is in the West Orange County submarket and is occupied by a roster of tenants paying below-market rents. “We accomplished our goals, and the buyer was able to acquire a great building at a very attractive price per square foot,” Katz observes.

Both Westcore and the buyer were represented by Mike Bouma, Rob Mitchell and Trevor Pavone of the Orange office of Voit Commercial Brokerage. The latest market figures from Voit show that the tight market and lack of new product pushed average asking rates for industrial space to 75 cents per sf per month from 67 cents a year ago, with average asking sales rate climbing from $150.89 per sf last year to $168.59 per sf now.

The Garden Grove transaction follows a number of recent Westcore deals in Southern California and other markets, including its recent sale of three buildings in the Briargate Business Complex in Colorado Springs for $35.6 million.

The San Diego firm’s other recent deals have included a 31,611-sf lease by social networking website operator Bebo Inc. at the top floor of 795 Folsom St. in San Francisco and the sale of its six-building, 166,709-sf Fremont Business Center in Fremont for $25.8 million.

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