June 26, 2012 – Brea, Calif. – As part of six-building marketing program, Colliers International, the third largest global real estate services organization, along with CBRE, have completed the $5.64 million sale of a 70,492-square-foot industrial distribution property located within Brea Canyon Commerce Center (top left photo) at 1415 Moonstone in Brea, Calif.
Ian Britton (middle right photo) and John Long (middle left photo) of Colliers International, along with Tom Dorman (lower right photo) of CBRE represented the seller, Cohen Asset Management in the transaction.
Fred Chen of Focus Group represented the buyer, Perfect 85 Degrees, Inc. Perfect 85 Degrees is an expanding Taiwanese bakery and has retail locations in both Irvine and Hacienda Heights. Specializing in fresh pastries and baked goods, this building will be used as a central bakery to support their expanding retail operation.
Built in 1989, the facility includes seven dock positions, a fenced yard and 2,700 square feet of office space. This transaction marks the largest transaction from among the five buildings sold thus far within Brea Canyon Corporate Center after an aggressive, 18-month marketing program from the Colliers/CBRE team.
All told, the five buildings which total approximately 230,000 square feet were sold to a diverse group of buyers and just one 19,779 square foot building remains available within the project. This building currently has multiple offers in place and should close escrow by the end of June according to Dorman.
“The seller, Cohen Asset Management, purchased the six buildings from the former owner/occupant, Simpson Manufacturing in 2010,” said Britton. “The ownership reconditioned the buildings once Simpson vacated, which included adding modern landscaping, new paint, resurfacing of the parking lot areas and enhancing the overall image of the project. Lot lines were also adjusted allowing future buyers to have fenced yard areas and adequate parking.”
“This project was extremely successful and well-timed given the sharp increase in buyer demand over the last 12 to 18 months,” said Britton. “The majority of the buyers took advantage of record low interest rates on SBA financing, requiring a modest 10 percent down payment.”
Britton and Dorman added that as the overall market vacancy rate tightened, buyers from neighboring submarkets like Santa Fe Springs and City of Industry began to target the project due to its attractive business park environment, low tax rate and proximity to quality residential options.
Contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
Headquartered in Charleston, S.C., Greystar is a fully integrated multifamily company offering expertise in property management, development and investment throughout the United States. The company manages more than 190,000 units in more than 100 markets and has invested approximately $3 billion in multifamily investments since its inception in 1993.
