June 14, 2018
Two industrial sale transactions reflect a trend of private buyers acquiring properties for personal use. Keller & Sons Construction sold two assets in Costa Mesa, CA to local buyers for a combined price of more than $5 million, or roughly $379 per-square-foot.
Daum’s Mike Barreiro, who handled both sales, notes that’s more than twice the average price-per-square-foot in Orange County, despite the properties’ vintage of more than 45 years and lack of modern industrial features.
“Because of the severe lack of available inventory in the Costa Mesa area, we have seen older warehouses, which are essentially obsolete for today’s industrial users, transformed into several uses including restaurants, music venues, and doggy daycares,” says Barreiro. He says the deals reflect “a trend of local residents purchasing warehouses and repurposing them as personal offices or as storage, such as garages for their exotic car collections.”
The properties include a 6,498-square-foot property at 1621-1625 Ohms Way (buyer represented by Savills Studley’s Steven Card and Christopher O’Connor) and a 6,897 building located at 1635 Ohms Way.
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