PLACENTIA, CA, Oct. 6, 2011 –Colliers International, the second largest global real estate services organization, recently negotiated a five-year lease for a 39,165-square-feet warehouse building located at 880 w. Crowther Ave (top left photo). Placentia, Calif. The transaction is valued at roughly $1,160,000. Built in 1999, 880 W. Crowther is a Class A building, high image building with extensive glass, freeway visibility, 26’ minimum warehouse clearance, dock high loading, a large secure yard and heavy power.
Ian Britton (middle right photo), Senior Vice President, and John Long (lower left photo), Associate, both based in Colliers’ Irvine office represented the building owner/landlord, Denning Investment Trust. The tenant, Precision Water Jet, an expanding cutting and machining group, was represented by Greg Osborne of Grubb & Ellis.
“Even in a tough leasing market where tenants are having a difficult time making long term real estate commitments given the macro-economic challenges, there is clearly a ‘flight to quality,’” noted Britton.
“Newer, functional, well located buildings are in short supply and are in high demand. Toward the end of the marketing campaign there were multiple tenants interested in the building.
“ While there will always be a certain amount of functionally challenged, older buildings on the market at significantly low lease rates, average lease rates will certainly increase as supply dwindles and demand heats up,” added Britton.
For further information, please contact:
Angela S. Hwang
Regional Marketing Coordinator | Greater Los Angeles
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Colliers International
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