Orange County, California, is mainly composed of residential and business areas, but Lake Forest, which is part of this county and just 14 miles from the county seat of Santa Ana has a thriving industrial area, where warehouses and other large commercial properties can be leased or purchased. Lake Forest had a steadily rising population of more than 70 thousand people by 2013. This is due in part to the thriving economy and proximity to other booming cities, such as Los Angeles, which is only 42 miles away.
If you are considering buying or leasing industrial properties in this area, you should consult with a commercial realtor to get the most information about the process and the available properties for sale. Not every industrial building will suit the needs of every business. In fact, most companies require specific sized lots, and have restrictions on health and safety regulations in terms of ventilation and other features inside.
Parking space is also a big deal when it comes to industrial areas, because many tend to be pick up and drop off zones for large loads. Fortunately, many in this area are outfitted with enough space for large trucks to get in and turn around. This is something you can specify when you meet with your realtor for the first time. Any details you can give him or her regarding the exact specifications you need will go a long way toward the success of your project.
Lake Forest Industrial Building for Sale & Lease
Choosing between buying and leasing is like choosing between driving your car or using public transportation. Both methods are going to get you where you need to go, but you’re going to spend different amounts of time and money getting where you need to be. There are pros and cons to both processes, with one leaving you the proud owner of an industrial building, and the other placing you into a long-term agreement with a company who owns the building.
Not every business needs to own an industrial building or wishes to remain in the same space forever. While there’s always the option to sell later on if you enter into a buying arrangement, there are restrictions to when and how you can sell, how much of the property needs to be paid off before you take a major loss, and how many buyers are currently in the market for industrial property.
Lake Forest Industrial Property for Sale
Lake Forest has varying sizes of industrial property for sale, and the building you choose will have much to do with how much space you need, the kind of budget you’re working with, and whether you require additional features or equipment for specific jobs. For example, an auto body repair shop would need a lift, paint rooms, and other designated areas which aren’t available in every building type.
Large bay doors, office space, a reception area parking lot space, and even washrooms can all be discussed with your realtor before you make the big step and hand over your down payment. Lake Forest is known for having many real estate agents. This is beneficial for first time buyers, especially, who aren’t sure of the ins and outs of this type of large-scale real estate sale and require a little help.
Prices tend to go up based on square footage, although most sellers will post listings as “to be determined” in the hopes that they can haggle in their favor. This gives you an advantage, because you can always counter with an offer more suitable to your financial position.
Lake Forest Industrial Property for Lease
Leasing in Lake Forest is just as big a deal as buying; you may not end up with a permanent business residence on your hands, but you will definitely come out of the deal with a long-term lease, spanning as long as 10 years. Again, industrial properties are priced on square footage, so you’ll see most listings quote average costs of around $13.50 – $40.00 per square foot per year.
Something to keep in mind with this type of lease is that the property owner will generally hand the reins entirely to you in terms of maintenance, upkeep, and other issues that are normally dealt with by the owner. You will need to ask permission before making any major renovations or structural changes to the site, although some owners are open to this type of construction due to the business they are in. The industrial zones are always changing, with no rules and regulations being put in place for different areas of work.
When you meet with the owner you plan to lease from, bring up the idea of building changes and renovations, and gauge his or her opinion on this. Leasing from somebody who is open minded and willing to help you meet the needs of your business will be better for you once you’re in this agreement long term.