SANTA ANA, CA-A partnership managed by Lakewood, CO-based Alliance Commercial Partners has acquired a 366,000-square-foot industrial building at 2001 E. Dyer Rd. for $23.1 million in a receiver's sale. The property was one of the largest industrial buildings available in the Orange County Airport area, according to receiver Taylor B. Grant of Newport Beach, CA-based California Real Estate Receiverships, the receiver for the asset.

Renovated in 2001, the building has a history of serving as a corporate headquarters, having previously been occupied by GT Bicycles and 3 PL Global.

Bill Welch, CalRER’s appointed receiver’s agent, observed: “Throughout the sale process there was considerable interest in this building. Some 20 offers were made—including parties who wanted to use the building as a corporate headquarters—in the wake of a previous offering.”

Bob O’Neill, Alliance’s Irvine, CA-based director of acquisitions, noted that the Dyer building purchase for approximately half of its previous sale value reflects the firm's investment strategy of buying distressed industrial and office properties at prices significantly below replacement cost. Orange County currently has a limited supply of available industrial buildings larger than 200,000 square feet, thereby making the Dyer building attractive to companies with large space needs, he added.

The project originally went into receivership in April, but due to a bankruptcy filing by the special purpose entity owning the building, the sale was held in abeyance, CalRER’s Welch explained. A settlement was reached Sept. 22 in which the court placed the receiver back into control of the property.

Scott Read, of Grubb & Ellis represented the buyer, and the receiver coordinated the sale for the receivership estate.