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NKF Handles Costa Mesa Industrial Sale

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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.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as 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, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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