Maztech Industries, a leading manufacturer of military and commercial electro-optical systems, recently signed a 17,500-square-foot industrial lease at 1641 Reynolds Ave. in Irvine. JLL’s Xavier Nolasco and Steve Wagner represented Maztech Industries in the transaction while The Donald Spencer DeVries Trust was represented by John B. Collins of Lee & Associates.
Nolasco commented that after an extensive search process, Maztech chose this building due to its modern features, recent renovation and location; he also noted that they were able to negotiate a lease term beneficial to the tenant with minimal disruption involved.
JLL’s first quarter 2023 Orange County Industrial Insights report revealed leasing activity increased 40% quarter over quarter while vacancy remained historically low at 1.4%. This is the first increase seen in two years yet still remains lower than expected for this time period despite current market conditions..
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