In one of Orange County’s largest industrial property transactions of 2014, Karney Management Company has purchased a major warehousing and distribution facility in Garden Grove for $14.817 million, Colliers International has reported.

Built in 1987, the former Regal Logistics property is undergoing extensive renovation and refurbishment by Karney, according to Colliers’ Senior Executive Vice President Clyde Stauff, who represented Karney in the transaction and has been named the building’s exclusive leasing broker.

“This is one of the most valuable pieces of property in a region of Southern California where demand for warehousing and distribution space is beginning to outstrip supply,” said Stauff. “The location and size of this space, combined with its direct access to so many major surface transit routes, will make this facility one of the most efficient and competitive properties in this key industrial region.”

Located at 12101 Western Avenue near the intersection of Chapman Avenue, the 125,000-square-foot facility features 14 dock-high loading doors with levelers, one ground-level loading door, two fenced and secured truck yards, a truck scale, and direct surface access to five major surface transit routes – the Garden Grove (22), San Diego (405), San Gabriel River (605) and Riverside (91) freeways, plus Interstate 5. Its location also provides access to the ports of Los Angeles and Long Beach and to the Alameda Corridor.

In addition to its array of warehousing and distribution elements, the facility also features 20,000-square feet of Class A office space and an upgraded main lobby. The two story office features a flexible design that can be easily converted into creative office space. Some 250 parking spaces also are available for employees and visitors.

While Colliers’ Stauff represented the buyer, Karney Management, and has been appointed the building’s exclusive leasing agent, the seller, Regal Logistics, was represented by Todd Clarke of Kidder Matthews and Voit’s Peter Castleton.