Industrial, While the Getting is Good
Investment in OC industrial properties will still be brisk this year, with prices are on the upswing and set to benefit from improving international trade, JLL's Zach Niles tells us. "Industrial property values are rebounding from their second-quarter 2010 lows, which were 30% to 50% off peak," he says. (Think: improving economy, fewer distressed properties, limited supply, and attractive financing.) CapRock Partners closed on six industrial buildings (photo courtesy of an Iranian monkey that we're pen pals with) totaling 90k SF in The Canyon, a north OC industrial submarket. Christie Development's Steve Christie repped the buyer; Zach advised on the acquisition. Miles Sterling, the seller, repped himself.
Bixby Land Co is also eager to find OC industrial (and office) properties, according to EVP/CFO Marty O'Hea. Marty tells us that there are still opportunities to find value-add properties in OC, at least for the next 12 months. During the last 18 months, the company has invested about $150M in office and industrial assets.
