Mike Hefner of the Anaheim Metro office of Voit explains that the deal began when the master tenant at the property, Dynamic Details Inc., retained Voit to sublease the space. Later, however, the owner, the Timpte Family Trust, chose to sell the asset and retained Voit to market it. Coronado Simon Business Park consists of four buildings located at 3031 Coronado and 1220, 1230 and 1240 Simon Circle.
Dynamic Details was the project's only tenant with a master lease on all four buildings, Hefner explains. After a Chapter 11 bankruptcy filing, the firm wanted to reduce its overhead and consolidate its operations into two of the buildings. Over the course of marketing the park, Voit subleased a portion of the project and restructured DDI's lease to include two of the four buildings. Hefner says the restructuring the DDI lease and subleasing the excess space to new tenants diversified the tenant risk, ultimately increasing the value of the asset. Hefner represented Timpte Family Trust in the sale, with the buyer representing itself.
In the other transaction, Citrus & Allied Essences has acquired a 19,137-sf building at 240 Deininger Circle in West Corona Business Park, minutes away from the facilitythat firm previously leased. The transaction was valued at approximately $1.6 million.Citrus & Allied Essences is a wholesaler of natural essence and raw materials that wanted to buy a large facility to warehouse the ingredients used by its clients to make lotions, shampoos and food products, according to Jack Faris of Voit's Anaheim Metro office.Faris represented the buyer, with Walter Frome and Bill Livesay of Trammel Crow representing the seller, West Corona Business Park LLC.
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