A 56-acre former Boeing site in Huntington Beach has landed a major tenant almost a year before it’s set to be finished.
Sares-Regis, one of Southern California’s largest industrial landlords, signed Cambro Manufacturing to a 433,865-square-foot building at the project, according to Newmark, which brokered the deal for Cambro.
Cambro, which manufactures food service equipment, will pay more than $65 million in total consideration for the lease.
The property is located at Sares-Regis’ Huntington Gateway development, which will span five buildings across 56 acres once completed. Formerly owned by Boeing, Sares-Regis bought part of the site for $72.8 million in 2018 and the rest for $113 million in 2019, records show.
Signing the lease out a year before the building is set to be finished demonstrates the strength of the industrial market in Orange County, where vacancy rates are at extreme lows.
Vacancy rates for industrial properties in the county have fallen to 2.3 percent, according to Newmark. Huntington Beach is even tighter, with a vacancy rate of just 0.9 percent — among the lowest in the country.