FULLERTON, CA—NAI Capital has helped move a 209,250 square foot cold storage facility at 700 South Raymond Avenue in Fullerton.
David Knowlton, SVP, with the Orange County office, and Richard Horn, VP, and Philip Attalla, with the firm’s commerce office worked collaboratively to represent the seller, CGCMT 2006-C4.
The buyer is Mesa Cold Storage, Ltd., one of two tenants, and the property brought $16.2 million.
in the sale of a 209,250 sq. ft. industrial property located at in Fullerton, CA to the Buyer, Mesa Cold Storage, Ltd. The value of the sales transaction $16.2 Million.
“When the receivership for the bank took control of this asset, it was NAI Capital’s expertise in cold storage buildings and construction, combined with Mr. Knowlton’s extensive experience and knowledge of the Orange County real estate market that established the NAI Capital brokerage team as the best brokerage company to market this property,” Attalla said.
The property is a rare cold storage, multi-tenant industrial asset located in central Orange County. Comprised of two buildings totaling on 9.31 acres, approximately 47,000 SF is devoted to food processing and dry storage, and approximately 162,000 SF is comprised of freezer warehouse storage. The building was approximately 95% leased to Mesa Cold Storage, and State Fish Company, Inc.
“When touring prospective buyers through the facility, we were able to address concerns which affect a cold storage building,” adds Horn.
“This was a high demand in-fill industrial leased investment that was broadly marketed across the country. After receiving multiple qualified offers, the major tenant—Mesa Cold Storage, Ltd.—chose chose to purchase the facility. Mesa’s general practice is to own vs. lease so when this opportunity came up it was a logical choice for Mesa to become its own landlord,” said Knowlton.
NAI Capital is a leading Southern California commercial real estate firm headquartered in Encino. with 14 offices throughout Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties.