Rare Infill Site Sells for $96 PSF, a Record in North Orange County
A rare infill 5.80 acre site in Fullerton recently sold to Rexford Industrial Realty Inc. for $24 million, which equated to $96.00 per square foot, a record land value in North Orange County. The seller was Schreiber Foods Inc.
Rexford Industrial will redevelop the property into a new 139,000-square-foot industrial distribution facility with an anticipated delivery date in third quarter 2022, according to Mike Hefner, Voit executive vice president and partner, who represented Rexford.
“North Orange County is one of the most highly desirable industrial markets in the country,” says Hefner. “With all-time low vacancy rates of 1.58 percent recorded for North OC in the second quarter, developers are aggressively pursuing very limited in-fill industrial sites in order to capitalize on the intense demand from industrial tenants and unprecedented appreciation in lease rates. This site offers Rexford the opportunity to further expand their industrial development platform in Southern California.”
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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