The single-story, concrete tilt-up building, which is at 12640 Westminster Blvd., was built in 1988. The buyer and the seller were represented by Gary Stache, Mark Larson and Pat Scruggs of the Private Client Group in Newport Beach, along with Brad Bierbaum and Bob Goodmanson of the CB Richard Ellis Anaheim office.
The buyer was in a 1031 Exchange. The property was 75% occupied at sale time.
The building was one of many industrial properties that have traded in 1031 Exchanges lately as sales of industrial buildings have accelerated in Orange County and the rest of Southern California. A recent report from CB Richard Ellis said that building sales accounted for 39% of the gross activity in Orange County industrial transactions during the fourth quarter, a substantial increase from the fourth quarter of 2001, when sales of industrial buildings accounted for 22% of the total gross activity. This has occurred, the CBRE report noted, despite the loss of 5,600 industrial jobs, which reduced some of the immediate demand for industrial space.
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