Scannell Properties acquires four acres in Garden Grove, CA, for industrial development
New warehouse/distribution facility to be developed on property
Indianapolis, IN (Aug. 10, 2022) Scannell Properties, an international commercial real estate developer, has acquired two parcels from two separate sellers totaling approximately 4.05 acres located at 7390 & 7440 Lincoln Way in Garden Grove. Scannell will demolish the two industrial buildings currently on the site for the development of a new Class A industrial building totaling approximately 88,164 square feet.
Groundbreaking for this speculative development is targeted for Q3 2023 and will be marketed for sale or for lease.
“We opened the new Southern California office for Scannell Properties in late January and we are excited to announce our first land acquisition. Our Garden Grove site is an A+ infill industrial location in the shadow of the South Bay submarket and about 21 miles from the two largest ports in the United States by volume. In fact, roughly 40% of all the goods coming into the United States pass through these two ports,” said Jay Tanjuan, director of Development, Scannell Properties.
“The global pandemic has accelerated the demand for last-mile distribution facilities, and as e-commerce continues to gain market share over traditional brick and mortar retail, this should only increase demand in the foreseeable future as consumers will expect that their goods be delivered to their doorsteps faster. Our Garden Grove site would be perfect for a last mile distribution facility with its proximity to the coastal communities in Los Angeles and Orange County,” said Tanjuan.
According to CBRE Research, e-commerce will account for 26% of all U.S. retail sales by 2025, up from an estimated 20% in 2020, putting further strain on warehouse supply (1% vacancy in Orange County / 0.6% vacancy in Los Angeles as of Q2 2022) while generating demand for another 330 million square feet of warehouse/distribution space.
For more information, contact Jay Tanjuan at firstname.lastname@example.org.
About Scannell Properties
Scannell Properties is a privately held real estate development and investment company that focuses on build-to-suit and speculative development of industrial, office, and multifamily facilities throughout the U.S., Canada and Europe. Since its inception in 1990, Scannell Properties has completed over 470 development projects totaling 130 million SF. The annual development volume is estimated at $5 Billion. www.scannellproperties.com