Westcore Properties and Longwing Real Estate Ventures Acquires MONARCH INDUSTRIAL CENTER IN GARDEN GROVE, CA FOR $15.3 MILLION
Monarch Industrial Center is a 277,037-Square-Foot Industrial Development Located in a Tight West Orange County Submarket
GARDEN GROVE, CALIF., October 20, 2004 – Westcore Monarch, LLC, an affiliate of Westcore Properties, LLC, a California-based entrepreneurial real estate investment company and its partner in the transaction, Longwing Real Estate Ventures, LLC, a New York-based private real estate investment company, have acquired Monarch Industrial Center, a three-building industrial center totaling 277,037 square feet for $15.3 million in Garden Grove, CA. The seller was Kilroy Realty Finance Partnership, L.P. The 11-acre, multi-tenant property is located at 12752 – 12822 Monarch Streetwith major cross streets of Knott Avenue and Acacia Avenue.
Mike Bouma and Rob Mitchell of the Orange, CA office of Voit Commercial Brokerage represented both the buyer and the seller in the transaction.
“Westcore is pleased with this new acquisition as we are looking to increase our presence in Orange County,” said Gary Katz, director of acquisitions for Westcore Properties. “Monarch Industrial Center is a well-maintained development in a core west Orange County location, and has been 100 percent occupied for several years with a strong mix of tenants. In addition, the property was purchased below replacement cost and there is room to add value to the property by increasing rents to make them more competitive with current market rates.”
Katz added that the Garden Grove submarket has a low market vacancy of just 4 percent and strong tenant demand.
The property has 24-foot clear heights, dock and grade loading and unit sizes from 20,000 to 166,000 square feet.
Westcore Properties has been an aggressive investor with more than $193 million in industrial, retail and office property acquisitions over the past 18 months, the majority of them within the Southern California market.
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