90,000-SF Industrial Site Sale Tops $7M

ANAHEIM, CA-An engineering firm involved in light manufacturing and distribution operations has acquired a substantially improved industrial building on 4.1 acres at 900 E. Arlee Place for nearly $7.5 million, according to GVA Daum and Cushman & Wakefield. Chris Migliori of the Anaheim office of GVA Daum reports that the buyer bought the property via an entity called 900 Arlee LP. Migliori represented the buyers, with Jeff Chiate, Rick Ellison and Peter Sowa of Cushman & Wakefield representing the seller, the Preissman Family Limited Partnership. The Cushman & Wakefield team says that Preissman had held the property as an investment for the past 15 years. For the past 10 years, the building was occupied by Parts Plus, an auto parts distributor. The building appealed to the buyers for a number of features that many owner-user buyers are seeking today, according to the brokers. The concrete tilt-up building features 8,000 sf of office space, 20 dock-high and six ground-level leading positions, 26-foot minimum interior clearance, a large service yard and on-site parking. In addition to owner-users and investors seeking properties for their operations or as investments, the Cushman & Wakefield team reports that a growing number of prospective buyers are looking for condo conversion plays. An example is a building in Tustin that recently sold for $6.7 million to buyers who plan to convert it into industrial condominiums. Chiate, Ellison and Sowa represented the seller, Spectrum Exchange Corp., which had owned the 71,000-sf building at 15502 Mosher Ave. as an investment. The new owner is 1382 Valencia LP, which plans its conversion after the current tenant, Toyota Racing Development, vacates the building at the end of this year.