IRVINE, Calif., – December 19, 2016 – Cushman & Wakefield announced today that the 117,760 square foot Yorba Linda Business Park in Yorba Linda, Calif. has sold for $17 million. San Francisco-based Berkeley Partners acquired the premier multi-tenant industrial park from Los Angeles-based Rexford Industrial Realty, Inc. The 68-unit project is composed of (4) single-story buildings located at 22343, 22345, 22347 and 22349 La Palma Avenue and is situated on a prime nine-plus acre site in northeastern Orange County.
Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez and Nico Napolitano with Cushman & Wakefield’s National Industrial Advisory Group (IAG) represented both buyer and seller in the transaction, with Rick Ellison also of the firm’s Irvine office providing local market advisory. Mr. Chiate, an Executive Managing Director and head of the IAG’s Western region, said, “Positioned in a desirable submarket with strong demographics, Yorba Linda Business Park is a high-quality newer construction multi-tenant project poised to continue to experience strong rental rate growth.”
He added, “Strengthening tenant demand and solid market fundamentals has reduced North Orange County’s industrial vacancy to sub 2.0 percent as of Q3 2016,” while the Yorba Linda submarket vacancy was just 1.4 percent according to Cushman & Wakefield’s latest market reports. Located approximately 40 miles south of Los Angeles, the city also boasts a very healthy unemployment rate of 3.6 percent.
Yorba Linda Business Park features flexible suite sizes accommodating a wide range of industries, over-standard parking, and numerous restaurants, retail and hotel amenities within close proximity to the site. Major tenants in the park include The Well, Canyon Crossfit, Global Powersport Resource, CaliRovers, LLC and Central Enterprises. The project is well located off State Route 91 (Riverside Freeway) between State Route 55 (Costa Mesa Freeway) and the 241 Toll Road.
About Rexford Industrial
Rexford Industrial is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. The Company owns 135 properties with approximately 14.8 million rentable square feet and manages an additional 19 properties with approximately 1.2 million rentable square feet. For additional information, visit www.rexfordindustrial.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter