ANAHEIM, CA (Feb. 13, 2012) – Grubb & Ellis Company today announced that Jeff Read (top right photo), executive vice president and Greg Osborne (middle left photo), senior vice president, both of the company’s Industrial Group, represented Pittsburgh-based Neville Chemical Corporation in the sale of a 10.5-acre land site in Anaheim.
The buyer is Newport Beach-based Western Realco LLC and its partner, Connecticut-based Penwood Real Estate Investment Management. The sale price was not disclosed.
Located at 2201 E. Cerritos Ave., the site had previously housed a manufacturing plant owned and operated by Neville until 2005. It is situated in proximity to the 57, 91, 5 and 22 Freeways and just minutes from Edison Field (lower right photo), home of the L.A. Angels of Anaheim, and the Honda Center, home of the Anaheim Ducks.
Western Realco and Neville spent the past eight months working with the City of Anaheim to convert the property to industrial zoning, consistent with the immediate surrounding real estate. The City Council unanimously adopted the industrial zoning application at its meeting on Feb. 7.
Western Realco plans to work with the City of Anaheim to develop a state-of-the-art, 210,000-square-foot, cross-dock industrial building on a speculative basis.
The building, which will be offered for sale or lease, will have 30-foot minimum ceiling clearance, ESFR sprinklers and excellent truck-turning radius on two sides. Western Realco has appointed Read and Osborne with Grubb & Ellis Company to market the building on its behalf.
Western Realco continues to be one of the most active developers and investors in Orange County. The Cerritos Avenue property is the company’s second industrial land acquisition in the market in the past few months, coming on the heels of its purchase of a four-acre site in Brea in December of last year.
“We will continue to seek value-add industrial opportunities, including land for speculative development and existing buildings with turn-around potential, to take advantage of strengthening fundamentals in Southern California,” said Gary Edwards, principal with Western Realco.
Contact: Whitney Wolff, 949.608.2057, whitney.wolff@grubb-ellis.com
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