BUENA PARK, Calif. – DAUM Commercial Real Estate Services recently completed the lease of an approximately 4.4-acre land parcel encompassing two buildings totaling 14,019 square feet of corporate offices, showroom, and warehouse space in the Orange County submarket of Buena Park, California.
Chris Migliori, SIOR, an Executive Vice President at DAUM Commercial, represented the lessor, Cal Hickel Holdings, LP, in the transaction, securing a 74-month lease to a tenant whose operations are ideally served by the property.
“Our client had a prime, central Southern California location available that presented the potential to be utilized or adapted for a wide variety of uses, including warehousing and distribution, vehicle sales, or a parking lot,” explains Migliori. “Through successful marketing of the property and a strategic evaluation of prospective lessees, we ultimately identified an automobile wholesaler and storage business that saw strong value in the asset’s existing facilities and 20:1 parking ratio.”
Migliori notes that the property attracted strong interest from a range of potential tenants as the Orange County market experiences record-high demand, with the North Orange County submarket in particular seeing incredibly tight vacancies of 1.24% in Q1, according to a new DAUM report.
“Opportunities to occupy properties with major street frontage and freeway visibility in Southern California is exceedingly rare, which enabled us to negotiate a strong rental rate for our client,” continues Migliori. “The tenant’s business is positioned to greatly benefit from operating within this heavily trafficked area near the border of Orange and Los Angeles counties, ultimately providing stability for the lessor.”
The property is located at 7015 Knott Avenue in Buena Park, California and situated near major highways including State Route 91, Interstate 5, and Interstate 605. The total consideration of the lease is more than $5 million.