ANAHEIM, CA-Turner Development Corp. of Newport Beach has sold out its Anaheim Hills Corporate Park 11 months after acquiring the 134,518-sf class A business park for $18 million. Turner sold the seven buildings at the park as office and light industrial condominiums, converting and repositioning them to 46 individual suites ranging from 1,313 sf to 11,504 sf.
The total dollar volume for the 46 sales and the terms of the individual sales were not disclosed, but market sources say that comparable product is selling for anywhere from about $150 per sf to $220 per sf. One report, at a time when about two-thirds of the units at the Turner project had been sold, said that the condos to date had sold for prices ranging from $300,000 to $700,000.
The Anaheim Hills Corporate Park occupies a site in East Anaheim off the 91 Freeway at 4887 E. La Palma Ave. Turner bought the property in 2005 from an entity of Newport Beach-based WLA Investments.
According to Sean Sheward, a partner at Turner Development, the project offered a chance to sell industrial and office condos to owner-users both because of the ongoing demand for such product in Orange County and also because some business properties in the area have been displaced by new residential development. The repositioning included replacing sidewalks and roofs, upgrading landscaping and adding air conditioning units. The company also offered some minor tenant improvements.
Sheward notes that the project involved entitlement along with the repositioning. In addition to subdividing the multi-tenant park into 46 separate suites, the process entailed reviews and approvals by the City of Anaheim, creation of a condominium association, development of CC&Rs and final recording of the new development with a condominium plan and final map.
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