Daum Commercial Completes Rapid Sale of 99,552-SF Industrial Property in Orange County, CA for $16.2 Million

99,552-SF Industrial Property in Brea, CA 

 

Chris Migliori

 Brea, CA  – DAUM Commercial Real Estate Services has completed the $16.12 million sale of a 99,552 square-foot industrial building in Brea, California, on behalf of the seller, SAME Investments, LLC.

The property was the only traditional industrial building of its size in North Orange County at the time it was placed on the market, according to Chris Migliori, Executive Vice President at DAUM’s Orange County Office.  

“Due to pent-up demand in the submarket, we had strong interest and three solid offers from a diverse group of REITs, private investors, and owner-users within just 10 days of the property being placed on the market,” Migliori explains. “Ultimately, we sold the building to a private investor that was in a $28 million dollar 1031 exchange. From start to finish, the sale cycle took approximately 120 days.”

Chuck Wilson and Brian Chastain at Colliers International represented LFT-Cliffwood, LLC as the buyer in the sale transaction and will market the building for lease to a single strong manufacturing/distribution tenant.

Chuck Wilson

The buyer intends to implement light renovations to the interior and exterior of the building before leasing. Due to lack of inventory in the region, the time it takes to lease up a quality industrial building in this market is 2 to 4 months, subject to the asking rate, Migliori notes.

“This was the right time for the seller to bring this property to market,” says Migliori. “There continues to be high demand for industrial product in Orange County, with vacancy rates posting at 1.4-percent in Q1 for the North County submarket, which further demonstrates the value of this asset as an investment property for the buyer.”

The property, constructed in 1974, recently underwent renovations that included the installation of a new state-of-the-art ENERGY STAR-rated “Cool Roof.”

Brian Chastain

The asset also features competitive amenities including 7,900 square feet of executive office space, four dock-high loading doors, one ground-level loading door, 22’-24’ minimum warehouse clearance, and a fenced yard.

The building offers direct access to the 57 Freeway and close proximity to the 91, 55 and Interstate 5 Freeways. The property is also located near several retail destinations, including the Brea Mall and Brea downtown district.

The industrial warehouse is located at 331-333 Cliffwood Park Street in Brea, California.

For more information, please contact:

 Lindsay Mackay / Elisabeth Manville

Brower Group

(949) 955-7940

lmackay@brower-group.com

www.daumcommercial.com.