Brookhollow Sells 22 Industrial Condo Units

FULLERTON, CA-The Costa Mesa-based Brookhollow Group has sold all 22 industrial condominium units at its Fullerton Industrial Park, a project at State College Boulevard and Valencia Drive that it completed in approximately one year from the time of acquisition. Brookhollow sold the units in transactions brokered by Rick Ellison, Jeff Chiate and Peter Sowa of Cushman & Wakefield, listing agents for the development.Brookhollow acquired the property from Cigna Insurance Co. in January 2005 when it consisted of 11 buildings totaling 228,401 sf. Through the City of Fullerton, the firm implemented a condominium conversion program and turned the 11 buildings into 22 separate units.Jeffrey Kaplan, a partner and EVP at Brookhollow, says the company spotted the property as a good target for an industrial condo conversion in light of the demand from owner-users for small industrial buildings. It sold the 22 units in 17 transactions.The transactions underscored the demand not only from owner-users but also from investors: of the 22 units, which range from 4,650 sf to 24,000 sf, 11 were sold to buyers who intend to occupy them and the other 11 were acquired by investors.The Fullerton Industrial Park is one of a host of new industrial and office condominium projects that have either been completed or are in the works in Orange County to meet what developers say is a continuing demand for condo type product. The projects include a combination of office, light industrial and flex buildings at a 134,518-sf development at 4887 E. La Palma Ave. in Anaheim, for example, and a 47,000-sf project called Hyland Plaza at 3525 Hyland Ave. in Costa Mesa that is being redeveloped as office condominiums ranging from 1,000 sf to 4,000 sf.