Penwood Picks Up Garden Grove Warehouse for $27M
Monarch Industrial, a multi-tenant, 276,585-square-foot warehouse facility located in Garden Grove, CA has traded hands. Hartford, CT-based Penwood Real Estate and Western Realco acquired the asset from Los Angeles-based Colony Northstar for $27 million.
NKF’s Kevin Shannon, Scott Schumacher Bret Hardy and Jeff Read represented the seller. The buyers were self-represented.
Hardy says, “Industrial investment offerings such as Monarch are scarce, as both institutional and private investors seek to increase their allocations in the sector while typically retaining ownership for the long-term.”
Monarch Industrial is located at 12752 to 12822 Monarch St., just off Garden Grove Boulevard and the 22 freeway. The property is fully occupied by four tenants, including Virtu USA, New Mode Sportswear, V Factory and Riviera Beverages.
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