GlobeSt.com featured JLL Orange County’s Louis Tomaselli, Steve Wagner and Zach Niles in their article “First Lease Signed at Anaheim Concourse.” The 1.4 million square foot, master-planned project secured its first tenant, Longust Distributing with a 10 year, 93,818 square foot lease.
Tomaselli says “After a comprehensive market analysis, supply-chain and logistics study, Longust decided that leasing state-of-the-art space at Anaheim Concourse was the most cost-efficient alternative based on its 32-foot clear ceiling height, ability to rack five high, the most accessible transportation network and the ability to remain in the business-friendly city of Anaheim.”
The deal was executed during a landlord-leveraged market with vacancy levels continuing to drop to while lease rates steadily rise.
Tomaselli adds, “Orange County, along with Southern California, has broken through 2008 historical, pre-recession vacancy lows and lease-rate highs. Orange County in particular is anticipated to enjoy strong occupancy levels based on the continuing story of strong and stable tenant- and owner-occupier demand, complemented with a limited amount of new supply coming online. Currently, the Orange County industrial market has a second-quarter direct vacancy of 4.1%.”
To read the complete article, click here: First Lease Signed at Anaheim Concourse