Orange - CBRE announced the sale of an industrial property, currently leased by a national auto parts distributor, in Orange, CA, to Cardinal Development Company for $4.27 million.
Keith Greer at CBRE represented the buyer. The seller, Autozone, was represented by Bart Reinhard at JLL.
Located at 975 N. Eckhoff Street, the 23,100-square foot property sits in a prime central Orange County location near Anaheim Stadium and the Honda Center as well as in proximity to the 57, 5 and 22 freeways. The site, which features a yard and dock high loading, is occupied by Parts Authority, a national auto parts distributor with 4.5 years remaining on their lease.
“This is an incredible deal for Cardinal, given this submarket is at an industrial vacancy rate below 1 percent,” said Greer. “We were able to locate this property through our rigorous canvassing efforts and put together an amazing off-market deal for our client.”
The Orange County industrial market continues to be tremendously tight in terms of available space, according to the latest CBRE research. In Q4 2018, the regional sector remained in the landlord’s favor with steady demand and a shrinking base. Moving into 2019, Orange County’s industrial market will likely continue its strength with occupancy gains and rental growth expected to best 2018 results.
Keith Greer at CBRE represented the buyer. The seller, Autozone, was represented by Bart Reinhard at JLL.
Located at 975 N. Eckhoff Street, the 23,100-square foot property sits in a prime central Orange County location near Anaheim Stadium and the Honda Center as well as in proximity to the 57, 5 and 22 freeways. The site, which features a yard and dock high loading, is occupied by Parts Authority, a national auto parts distributor with 4.5 years remaining on their lease.
“This is an incredible deal for Cardinal, given this submarket is at an industrial vacancy rate below 1 percent,” said Greer. “We were able to locate this property through our rigorous canvassing efforts and put together an amazing off-market deal for our client.”
The Orange County industrial market continues to be tremendously tight in terms of available space, according to the latest CBRE research. In Q4 2018, the regional sector remained in the landlord’s favor with steady demand and a shrinking base. Moving into 2019, Orange County’s industrial market will likely continue its strength with occupancy gains and rental growth expected to best 2018 results.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
