(Read more on the industrial market.)
GARDEN GROVE, CA-Westcore Properties of San Diego has sold its277,000-sf Monarch project to an affiliate of Boston-based ColonyRealty Partners for $24 million after receiving 10 offers on theindustrial building, the San Diego firm reports. The property is at12752-12822 Monarch St., where it occupies an 11-acre lot.
The Colony Realty Partners affiliate that acquired the buildingis CRP-2 Monarch LLC. According to Gary Katz, director ofacquisitions for Westcore Properties in Southern California and theWest, the disposition completes a business plan for Westcore thatinvolved stabilizing occupancy and selling the property in a tightsubmarket where recent market reports show lease rates continuingto rise, demand remaining strong and investment sales continuing ata steady pace.
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