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| 99,552-SF Industrial Property in Brea, CA |
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| 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.
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| 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.”
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| 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
(949) 955-7940
