Rexford Industrial Buys Orange County Facility
- Nov 27, 2019
Rexford Industrial has purchased Monarch Industrial, a 276,585-square-foot industrial facility in Garden Grove, Calif., for $34 million. Western RealCo and Penwood Real Estate traded the asset in an off-market transaction after two years of ownership. Newmark Knight Frank’s Co-Head of U.S. Capital Markets Kevin Shannon, Senior Managing Director Scott Schumacher and Executive Managing Directors Ken White, Jeff Read and Bret Hardy represented the seller. The buyer was self-represented in the deal.
Monarch Industrial occupies 11.1 acres at 12752 to 12822 Monarch St., within the supply-constrained west Orange County submarket, where the industrial vacancy rate is at 1.6 percent, according to Read. The facility is conveniently located just off Garden Grove Freeway, which enables access to downtown Irvine and the John Wayne Airport.
Constructed in 1971 with an additional section added in 1980, the building features 18- and 22-feet clear heights, 14 dock-high spaces, 11 ground-level doors and 346 parking spaces. Other characteristics include climate control, insulated ceilings and fire sprinklers.