The buyer, Chicago-based Rreef Funds, paid Foster City-based Legacy Partners Commercial $67 million for the property at the intersection of Gilbert Street and Malvern Avenue. It is 97% leased to tenants that include ConAgra Grocery Products Co., Cargill and T-Shirt City.
The property, which previously served as a canning factory for Hunt-Wesson, was purchased by Legacy Partners three years ago. Legacy paid $40 million for the manufacturing facility and then transformed it into an industrial complex, adding five buildings that combined offered more than 500,000 sf.
Shawn Kelter and Michael Merk of Grubb & Ellis brokered the sale, along with Jay Borzi and Steve Silk of Secured Capital Corp.
The deal comes as demand from North County industrial users is starting to cool. The industrial vacancy rate here jumped to 4.7% at the end of the third quarter from 2.6% at the end of the second quarter, according to a recent report by Cushman & Wakefield. In Fullerton alone, vacancies have shot above 11%, the report says.
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