158,000-SF Biz Park Sells for $22M

ANAHEIM, CA-Buyers have acquired all 16 buildings of the Stadium West Business Center, a development of Birney Properties, for $22.2 million, making the project the second Anaheim industrial development in recent weeks to sell out within a year of its launch. Joseph Miller of the Anaheim office of Voit Commercial Brokerage, tells GlobeSt.com that demand was such that sales prices for the buildings increased about six times during the marketing of the project.Miller and Rob Socci, also of the Anaheim office of Voit, were the listing agents for developer Birney Properties. Socci says that demand throughout the sale of the business center was fueled by "the consistent need for small industrial space in North Orange County." To date there has been little competing industrial product under construction in Anaheim, he notes. In addition to being one of the listing brokers, Socci was the development consultant on the project.The buildings at Stadium West range from about 5,400 sf to 16,000 sf. The other development that sold out recently is the 11-building Anaheim Industrial Centre, a project of Voit Development Co., where most of the buildings were in the range of 4,000 sf to 6,000 sf. Both of the Anaheim projects offered buildings that were "right in the hot spot" of what is popular with buyers—about 5,000 sf to 16,000 sf, Miller tells GlobeSt.com. He says that in addition to other prospective buyers, the Stadium West project attracted strong interest from tile and marble retailers along State College Boulevard, an area sometimes called the "Mile of Tile."Socci and Miller employed both "old tech" and "new tech" marketing for Stadium West, according to Miller, who explains that the Voit brokers contacted North Orange County light-industrial business owners by phone, by mail, by Internet and by knocking on doors. Besides representing the seller in the transaction, the Voit team also represented the buyers in nine of the 16 buildings.