High-rise commercial buildings

Sub Markets

Property Sectors

Topics

California CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New call-to-action
California  + Orange County  + Industrial  | 

NKF Handles Costa Mesa Industrial Sale

Connect Orange County is just around the corner. In case you didn’t know, it is just about the biggest CRE gathering in SoCal. Get more information and register to attend on this link: Connect Orange County.

A single-tenant 31,424-square-foot flex industrial building in Costa Mesa, CA that is fully leased to Toyoto Racing Division traded hands. Janez Properties, Inc. sold 340 Fischer Ave. to an undisclosed 1031 tax-deferred exchange buyer. The $6.82-million sale achieved a 3.5% cap rate.

NKF’s Robert E. Griffith, who represented the seller, says, “We had 10 offers with four at the asking price, underscoring the intense investor demand for Orange County industrial properties.” Griffith notes the Orange County industrial market has an overall 2% vacancy factor, and this Costa Mesa submarket is at 1%.

“Due to a lack of supply, lease rates continue to increase dramatically. Capital is pursuing industrial product aggressively, which is demonstrated in the 3.5% cap rate we were able to achieve for this property. Looking ahead, we see no signs of this continued price appreciation changing any time in the near future. Right now there is more capital chasing industrial product than there is supply,” said Griffith.

For comments, questions or concerns, please contact Dennis Kaiser

Connect

Inside The Story

Connect With NKF’s Griffith

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
New call-to-action
New call-to-action
New call-to-action