FOOTHILL RANCH, CA-A locally based private investor has acquired a fully leased, 54,600-sf single-tenant industrial building that is occupied by a sports equipment manufacturer, according to Voit Commercial Brokerage. The property is at 19762 Pauling Ave. in Foothill Ranch.
Mike Hefner of Voit Commercial's Anaheim office points out that the buyer gets a net-leased building in an industrial market with a vacancy rate of 5.79%. Hefner and Trent Walker of Voit Commercial's Irvine office represented the buyer in the $7.5 million sale.
Walker tells GlobeSt.com that the building was constructed in the mid-1990s by Innovation, which had owned it ever since and now remains in the property under a lease that has about two and a half years remaining. The two-story building comprises about 15,000 sf of office space.
Innovation Sports LLC is a manufacturer of custom knee braces and other products for the sports industry. It was founded in 1983 and employs about 150 workers.
Innovation is a division of Ossur, a company based in Reykjavik, Iceland, which was the seller of the building. Ossur announced its acquisition of the Foothill Ranch firm in January, saying that the acquisition would provide the Icelandic firm with a big boost in the knee brace market.
According to Ossur, buying Innovation provided it with a leading edge in ligament braces, the largest segment of the braces and support market. Ossur specializes in orthopedics and prosthetics. Mark Zuvich of Zuvich Corporate Advisors represented the seller.
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