“The Orange County industrial market is heating up and 360 Commercial Partners is helping to drive that activity,” says Zach Niles, Director of the firm’s Industrial Advisory.
Irvine, CA (PRWEB) June 23, 2011
360 Commercial Partners, a full-service commercial real estate brokerage based in Irvine, California, today announced the closings of more than 170,000 square feet in industrial facility leases in the Orange County area. Among the transactions were a lease renewal comprising 43,000 square feet for Dana Innovations (headquarters of Sonance, TRUFIG and iPort) in San Clemente, as well as a 111,000-square-foot lease renewal in Foothill Ranch for EWI Worldwide, a premier exhibitor and trade show company. Steve Wagner, Associate Director of 360 Commercial Partners’ Industrial Advisory, directed both renewals.
“Through our strategic renewal negotiation process, we secured market-best lease rates, saved our clients money, improved their cash flow and protected them from the business disruptions often caused by relocation, said Wagner.
Orange County Industrial Leasing Activity Sees Upward Trend
In May, CoStar – a provider of commercial real estate information, analytic and marketing services - reported that the Orange County industrial market had experienced 441,954 square feet of positive net absorption year-to-date. Underscoring this trend is another transaction – a 21,000-square-foot lease of an Irvine industrial building for Iris Technology, the premier integrator of reliable tactical power systems for the military. 360 Commercial Partners’ Wagner represented Irvine Technology in the deal.
“The Orange County industrial market is heating up and 360 Commercial Partners is helping to drive that activity,” says Zach Niles, Director of the firm’s Industrial Advisory. “Industrial tenants are motivated to lock in current low lease rates before they increase.”
Industrial Building Sales in Orange County on the Rise
Despite CoStar’s recent report that Orange County industrial building sales for March were flat in comparison to 2010 (26 vs. 26), 360 Commercial Partners’ Industrial Advisory recorded three sales. The transactions, directed by Zach Niles, include a 32,000-square-foot building in Brea; a 14,600-square-foot building in Yorba Linda; and a 45,500-square-foot facility in Fullerton. Taken together, the deals represent more than 92,000 square feet and nearly $9,500,000 of industrial real estate transacted by the advisory within North Orange County.
“These sale transactions demonstrate the increasing motivation of today’s industrial occupiers to take advantage of market-bottom pricing, favorable interest rates and 10%-down SBA financing,” says Niles. “This trend will continue as occupiers seek to expand capacity and recognize that now is the time to buy.”
In addition to its top-performing Industrial Advisory, 360 Commercial Partners offers its valued clients the expert consult, unparalleled service and unmatched results of an Office Sales/Investment Advisory and an Office Leasing Advisory. Each advisory is powered by A-level commercial real estate professionals who provide best-in-class representation to landlords, tenants and investors. For more information, please visit 360CommercialRE.com or call 949.296.3600.