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| 2830 Orbiter Street, Brea, CA |
IRVINE, CA – HFF announced today that it has closed the sale
of a 101,420-square-foot PennySaver USA Publishing, LLC corporate headquarters
building located at 2830 Orbiter Street
in Brea, California, southeast of Los Angeles.
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| Ryan Martin |
HFF marketed the asset on behalf of the seller, a joint
venture between Cohen Asset Management, Inc. and American National Insurance
Company.
Intercontinental Real
Estate Corporation (Intercontinental) purchased the facility free and clear of
existing debt. In 2013, HFF secured
financing and equity placement on behalf of the seller for this property.
2830 Orbiter Street is situated on 6.59 acres in the North
Orange County Brea/La Habra submarket.
The facility is adjacent to the Imperial Highway and less
than 30 miles from downtown Los Angeles.
The asset consists of 52,069 square feet of office space
spread out over two floors and 49,351 square feet of industrial manufacturing,
assembly and distribution space.
 |
| Anthony Brent |
The property is 100
percent leased to PennySaver and houses the operations for their weekly
PennySaver pamphlet, web-based advertising systems and salesforce.
The HFF investment sales team was led by senior managing
director Anthony Brent and managing
director Ryan Martin.
“The investment provided significant inflation adjusted rent
growth and stable long-term cash flow,” Brent said. “It was a well sought after asset due to its
stable historical occupancy and its desirable location in the City of Brea.”
“It provides a high-quality, Southern California industrial
asset for Intercontinental’s diverse real estate portfolio,” Martin added.
For a complete copy
of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 |
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