The property is on the southwest corner of State College Boulevard and Walnut Avenue at 2300 to 2356 E. Walnut Ave. It is a 16-year-old development that was 100% leased at the time of the sale, according to Jeff Chiate and Rick Ellison, the Cushman & Wakefield team that represented the buyer.
Seller CIP is a real estate investment company specializing in the acquisition, development, repositioning and management of industrial and business parks throughout Southern California. It was represented by Mike Hefner and Alan Pekarcik of Voit Commercial Brokerage.
The vacancy rate stood at 9.7% for the more than 17.2 million sf of industrial space in Fullerton at the end of the fourth quarter, according to Cushman & Wakefield. The C&W report showed that overall vacancy was 7.5% in Orange County at the end of the year, but the rates vary considerably from submarket to submarket--nearly zero in some places and into the teens in others.
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