Daum Commercial completes $9 million sale of 21,965 SF industrial asset to repeat investor in Garden Grove, CA

SOLD: Industrial building at 13831 Seaboard Circle.
Garden Grove, CA

 

 GARDEN GROVE, CA, Dec. 27, 2022 – DAUM Commercial Real Estate Services has completed the sale of a 21,965 square-foot industrial building at 13831 Seaboard Circle in Garden Grove, a city in Orange County, California, for $8,831,000.

 Michael Collins, Vice Chairman and Director, and Dustin Hullinger, Associate Vice President, of DAUM’s Capital Markets Group sourced and represented the buyer, a private high-net-worth investor based in Orange County, California.

Michael Collins

 DAUM Orange County’s Mike Barreiro, Executive Vice President and Principal, and Devin Ray, Associate Vice President, represented seller INH, a cosmetics distributor, in the transaction.

 “Through our comprehensive knowledge and experience in the Southern California industrial market and collaborative strategy, our teams were able to match an owner who was looking to sell their building and relocate with the buyer.” says Barreiro.

 “The deal was a win-win for both parties and a testament to the ongoing strength of the industrial sector in this region.”

Dustin Hullinger

 According to a DAUM report, direct vacancy in Orange County’s industrial market remained at a low 2.0% for the third consecutive quarter with net absorption turning positive and rental rates rising in Q3 2022.

 The median sales price per square foot for Orange County industrial assets increased 5.3% during the quarter, demonstrating investors’ continuing desire for industrial properties in this market.

 “We see a bright horizon for industrial real estate, an asset class in which DAUM specializes—particularly in a market that is close to the ports and densely populated,” says Collins.

Mike Barreiro

 “Increasing industrial demand caused deal volume to rise by 81.7% in Orange County during the third quarter. Despite uncertainty about some commercial sectors in the near future, we are optimistic about what lies ahead for industrial.”

 Built in 1978, the property sold in the transaction is located near Harbor Boulevard and the Garden Grove Freeway. The highly functional building features dock-high doors and a large, fenced yard.

DAUM will represent the new owner in marketing the building for lease, says Collins.

 

Devin Ray

“This highly desirable building with its ideal location will easily fetch market-rate rents and yield strong returns for the buyer, a repeat client for whom our team has completed successful transactions in the past.” Collins notes.

 The property is located at 13831 Seaboard Circle, Garden Grove, California.

  

CONTACTS:

Hanna Kokuashvili / Elisabeth Manville  
The Smart Agency, Inc.
(949) 438-6262 
hkokuashvili@thesmartagency.com