ANAHEIM, CA-A series of industrial sales here and in two other Orange County cities illustrate the strategies that developers and investors are employing in the current market, according to announcements from the firms. Developer Sares-Regis of Irvine affirmed its targeting of owner-users with the sale of two buildings in a 120,000-square-foot industrial project that it developed in Anaheim, while Los Angeles-based Rexford Industrial executed a short sale as it pursues its goal of acquiring distressed assets in high-barrier-to-entry infill markets in Southern California.

The Sares-Regis project is Canyon Point, a development of three LEED-certified buildings of 57,593 square feet, 32,554 square feet and 31,744 square feet on 6.3 acres at the southeast corner at Miraloma Avenue and Miller Street in the Anaheim Canyon technology district. The Irvine-based developer has sold the first two and is marketing the 31,744-square-foot building.

Both buyers were offshore companies. HSJQ, a Chinese cabinet and tile distributor, purchased the 57,593-square-foot facility for $7.4 million in a deal that was reported previously on GlobeSt.com. Woongjin Chemical America, a South Korean maker of water purification equipment for industrial use, purchased a 32,554-square-foot building for $4.5 million.

Larry Lukanish, vice president in Sares-Regis Group’s Commercial Investment Division, points out that the two buildings that sold were under contract months before completion. The speedy sales “affirm our view that there is a segment of users who want the premium features we offered,” Lukanish said. He notes that Woongjin Chemical America, which will conduct manufacturing operations in the facility, was in the market for a LEED building to satisfy its corporate sustainability mandate.

Brokers Dennis Keane and Adam Dzierzynski in the City of Industry office of Lee & Associates represented HSJQ USA. Colliers International’s James Min and Stephen Schloemer represented Woongjin Chemical America. Sares-Regis was represented by Brad Bierbaum and Ian Britton in the Anaheim office of CB Richard Ellis.

In the Rexford acquisition, the company paid $7.8 million for Grand Commerce Center, a 101,187-square-foot, multi-tenant industrial complex at 600 S. Grand Ave. in Santa Ana. Rexford bought the 80% leased property from Shook Properties through a lender-mandated short sale, with Frank Kosi of Sperry Van Ness representing both the buyer and seller.

The transaction marks the first acquisition for the newly formed Rexford Industrial Fund V REIT, Rexford Industrial’s fifth Southern California-focused industrial property investment vehicle. Howard Schwimmer, co-founder and managing partner of Rexford, describes the acquisition as “consistent with our goal to work with distressed sellers to acquire industrial property in high-barrier Southern California infill industrial markets where we can add value.”

The Grand Commerce Center is a six-building property that features 850 linear feet of prominent exposure fronting Grand Avenue, a prime commercial corridor in Santa Ana with immediate access to Interstate 5. The project represents a substantial opportunity for Rexford to add value by professionally managing, maintaining and marketing the project, the company says. It points out that the Santa Ana submarket of Orange County demonstrates tight industrial market occupancy of approximately 96%. Rexford estimates that it acquired the property at approximately 50% below replacement cost.

Michael Frankel, Rexford’s managing partner, points out that Rexford is pursuing a substantial pipeline of stressed and distressed acquisition opportunities, targeting the acquisition of over $500 million of stabilized and value-add infill industrial property throughout Southern California.

In another recently closed Orange County deal, the VA (Value Add) Property Group, part of Lee & Associates, completed the $3.8 million sale of a 32,805-square-foot industrial building at 3183 Red Hill Ave. in Costa Mesa. Buyer Bellalance LLC was represented by senior vice presidents Brian Garbutt and Phil Cohen of Lee-Associates Irvine Inc. Seller JR Family Properties was represented by Mike Hefner and Sam Olmstead of Voit Real Estate Services.