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ANAHEIM, CA-Sares-Regis Group of Irvine has sold a 281,548-sfwarehouse and distribution building here for $38 million, a pricethat the development and investment firm says is one of the highestever paid per sf in this market for a comparable building. "This isone of the highest comps on a price-per-square-foot basis for abuilding this size in Orange County," explains Larry Lukanish, avice president in the commercial investment division ofSares-Regis.

The building is a class-A distribution warehouse on 11.8 acresat 4633 E. La Palma Ave., with features that include a 140-foottruck court, 30 dock-high doors, 30-foot clear height and excesspaved area for trailer storage. Sares-Regis bought the building inJune of 2006 for $100 per sf, which was a 6.6% cap rate. Theselling price was $136 per sf at a 5.1% cap rate, Lukanishsays.