Oceanside, CA. – Lee & Associates and Voit Real Estate Services sold three industrial units in the Venture Commerce Center located in Oceanside, Calif. during the fourth quarter of 2010.
Rusty Williams, a principal with Lee & Associates, along with Todd Holley, a vice president and Randy LaChance, senior vice president with Voit Real Estate Services, negotiated the sale of the following deals totaling approximately $900,000:
- 2,800-square-foot industrial building at 3628 Ocean Ranch Blvd. for $311,861
- 2,900-square-foot industrial building at 3626 Ocean Ranch Blvd. for $296,352
- 2,853-square-foot industrial building at 3654 Ocean Ranch Blvd. for $290,000
According to Williams, the market is showing signs of being very close to the bottom –buyers have the ability to purchase bank-owned properties at discounted prices much lower than actual replacement costs. Williams predicts buyers should be seeing this trend during the next two quarters because the pricing is low and the available financing is quite favorable.
"During the last quarter of 2010, it turned out that owning was more affordable than leasing and thus activity picked up substantially," he said. "Because there has been no new industrial construction in the past two years, the hope is that this will create an opportunity for positive absorption in 2011. This upward pressure on the supply side will likely push lease rates up in the market further demonstrating the advantages to owning, especially in such a low interest rate environment."
Lee & Associates and Voit Real Estate Services have co-listed the Venture Commerce Center project since July of this year. Lee and Voit represented both sides in the transactions.
"Activity in the Venture Commerce Center has been excellent over the past three months due to the SBA financing that is available and the competitive pricing that we are offering," said Williams.
About Lee & Associates
Celebrating 32 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 41 locations across the nation including California, Arizona, Georgia, Idaho, Indiana, Illinois, Indianapolis, Michigan, Missouri, New Jersey, Nevada, Texas and Wisconsin. With a roster of more than 600 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.
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