DAUM COMMERCIAL FACILITATES OC INDUSTRIAL LEASE IN IRVINE, CAApr 25, 2017
DAUM Commercial has arranged a $4.5 million lease of a 33,324-square-foot freestanding industrial building in Irvine, Calif. The lessee, a medical device testing company, will be doubling its footprint in Orange County by relocating from a 16,000 square-foot space in Fountain Valley in early May. The 10-year lease term closed with a five-year option. The landlord, John Meehan of Meehan Holdings LLC, represented himself in the transaction.
“We began the search in North Orange County, close to the Client’s existing facility. However, with 2.3 percent industrial vacancy county-wide, we knew widening the parameters was required,” said Rick Turner, the senior associate in DAUM’s Orange County office who represented the lessee. “By expanding the search geographically, we were able to identify this high-image building, which is in close proximity to many of the tenant’s existing and target customers, making this the perfect fit for their expansion.”
Located at 9400 Toledo Way in Irvine, Calif., off Alton Parkway and close to interstates 5 and 405, the 1984 facility features in-place climate control options and office space. The lessee plans to implement a series of improvements to the currently vacant building. The property is 3 miles away from Irvine Spectrum Center, an outdoor shopping center developed by the Irvine Co.
DAUM Commercial has also recently directed the sale of a 3.84-acre land parcel in Ventura County, where the buyer plans to develop a 52,500-square-foot distribution facility.