Voit Gobbles Up O.C. Industrial Sites
- Dec 09, 2015
Voit Real Estate Services has completed nine industrial property sales transactions located in Orange County, Calif., totaling approximately $50 million, in the past eight weeks.
The acquisitions encompass industrial sales in Anaheim, Buena Park, Garden Grove, Huntington Beach, Santa Ana and Westminster.
“Identifying space in a tight market to meet our clients’ needs was a major contributing factor that made each of these industrial sites strong opportunities,” Trent Walker, Voit Real Estate Services’ executive vice president and board member, told Commercial Property Executive. “Large industrial buildings continue to be difficult to find throughout Orange County, which makes each of these sites attractive for buyers/investors.”
A lack of industrial supply, coupled with the continued rise in prices is driving the industrial activity throughout Southern California. From a buyer’s perspective, industrial assets in Orange County are an attractive investment due to the continued rise in lease rates and longer lease terms.
“Tenant demand in Orange County continues to outpace industrial supply, making this a perfect time to be an industrial owner in Orange County,” Walker said. “Similar to the increase in prices, lease rates are approaching new high water marks and are creating long-term stabilized cash flow for owners/investors. In many cases, if the owner is an owner/user, the ability to live in Orange County and be physically near the company’s space if highly valued.”
According to Walker, the industrial market is performing tremendously well, which is driving up prices across the board. Buyers are becoming more motivated in terms of acquiring new assets and doing so quickly, whereas sellers are stretching for premium prices.
“Our philosophy when it comes to completing deals has and always will be a local focus. Each of our brokers is an expert in his or her product type and has a thorough understanding of the local market, which is a key differentiator for us,” Walker said. “Based on this local expertise, we are able to respond rapidly and find creative ways to get deals done quickly, which is especially important when demand exceeds supply.”