IRVINE, CA-GlobeSt.com learns exclusively that three industrial/flex-tech properties totaling approximately $17 million have sold in the Southern California market. The properties are located in Anaheim, Santa Ana and La Mirada.
According to Avison Young principal Dan Vittone, who, along with principal Alan Pekarcik, represented the sellers of the Anaheim and Santa Ana properties and the buyer of the La Mirada property in the transactions, “Demand for multi-tenant industrial parks in Southern California remains strong, especially given the increased activity by 1031-exchange buyers as a result of changes to federal and state tax laws that went into effect January 1, 2013.”
The Realty Associates Fund VI L.P. sold Ball Road Business Park, a 114,984-square-foot industrial park at 701-741 East Ball Rd. in Anaheim, to Providence Capital Speed Fund. Stan Tomer of CBRE represented the buyer in the $9.75-million transaction. The property, composed of five two-story office, flex-tech and light-industrial multi-tenant buildings, was approximately 82% occupied at the time of sale.
Also, an undisclosed seller sold the 30,528-square-foot multi-tenant industrial building at 2907-2977 S. Croddy Way in Santa Ana to 1031-exchange buyer WL Investments Inc. John Griffin and Max Wang of Voit Real Estate Services represented the seller in the $4.2-million transaction. The building was fully occupied at the time of sale.
Lastly, Parkway La Mirada, a 23,000-square-foot multi-tenant flex/R&D industrial property at 16810-16900 Valley View Ave. in La Mirada, was sold to WL Investments Inc. by an undisclosed seller, represented by Lars Platt of Cushman & Wakefield, for $2.76 million. The property was nearly 80% occupied at the time of acquisition.
As GlobeSt.com reported earlier this month, in the Chicago market Avison Young has been awarded the exclusive sale listing of 1355 Lakeview Drive in Romeoville and 8901 W. 192nd Street in Mokena, industrial properties of, respectively, 80,945-square-feet and 55,450-square-feet. The portfolio is owned by Oak Realty Group, Inc., an institutional asset advisor and investor.