ANAHEIM, CA-Granite Peak Partners of Santa Barbara has acquired a 24,384-sf single-tenant industrial building at 1000 N. Kramer Place, expanding the investment and development firm's growing list of commercial real estate holdings in Southern California. The building, which Granite Peak bought from a private investment group, is leased to the University Marelich Mechanical subsidiary of Emcor.
Although Granite Peak typically focuses on value-added plays, partner Greg Yost tells GlobeSt.com that this deal is the purchase of a stabilized core asset. "The property has a long term lease on it with a very high quality credit tenant, we like the economics of the deal and we really like the location," Yost says.
The sale of the 1000 N. Kramer Place property was brokered by the CB Richard Ellis team of Ian Britton, Brad Bierbaum, Brian DeRevere and Ryan Peterson. According to the CBRE brokers, who are based in the company's Anaheim office, the $4.4 million sales price represents a record comp in the submarket.
The building features excellent freeway access and covers only 30% of the property, providing a considerable amount of extra land for storage, ample truck turning radius and other uses, Yost notes. The property, which was built in the mid-1970s, is in excellent condition, he adds.
The sale of the single-building closed quickly, according to Yost, with due diligence completed in about three weeks. Granite Peak partner Brian Savett and acquisitions associate Matt Eggleston spearheaded the deal internally for the Santa Barbara-based company.
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