ANAHEIM, CA, Jan. 14, 2010 – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Jeff Read, executive vice president, and Greg Osborne, vice president, represented 6545 Caballero Blvd LLC in the sale of 6545 Caballero Blvd., a 167,217-square-foot industrial property in Buena Park.
BP Westport Properties LLC purchased the property for $16.9 million. The buyer assumed the existing debt on the property and paid cash for the balance of the purchase price.
In executing this sale, the most challenging aspect for the Grubb & Ellis team involved assisting Buyer and Seller in working through the loan assumption process, Read said. “The buyer and seller did an excellent job satisfying the stringent requirements involved with assuming CMBS financing in order to close this sale.”
Situated on approximately 7.1 acres of land, the property includes 30-foot warehouse clearance, dock-high and ground level loading and ESFR sprinklers, as well as a 20,000-square-foot two-story office area. While the property was 100 percent leased at the time of sale, the buyer anticipates taking occupancy of the property in summer 2010.
Jay Jasaitis of LAREM, in conjunction with Jan Middelburg, an independent broker, represented BP Westport Properties in the transaction.
Contact: Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com
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