ANAHEIM, CA-Cardinal Investment Properties of Costa Mesa has acquired a seven-building industrial portfolio here totaling 37,320 sf from Jaylee Inc. for $4.9 million with plans to lease and sell the freestanding buildings. The seven buildings are located at 928, 1010 and 1024 E. Arlee Place, and 874, 876, 878 and 880 S. Rose Place.
Cardinal acquired the portfolio in a transaction in which it was represented by Scott Seal of GVA Daum and seller Jaylee was represented by Dennis Weisberg and Jack Hopkins of the Newport Beach office of Marcus & Millichap. Cardinal plans to continue leasing the properties and to sell them individually, according to Seal.
In addition, Seal notes, Cardinal will offer first right of refusal to the existing tenants at the properties, most of whom have occupied the buildings for 30 years or more. Seal describes the properties, which were built in 1958, as located just outside of the Platinum Triangle and calls them "unique buildings with fenced yards" that are a highly sought-after commodity in the market.
The Anaheim Platinum Triangle, currently under development, will be a high-density, mixed-use urban environment that will include up to 9,175 housing units, five million sf of office space and more than two million sf of commercial uses. Industrial properties there have been selling to two types of buyers: investors who plan to keep them as industrial buildings and others who plan to raze them or convert them as part of the Platinum Triangle development.
The selling price for the new Cardinal assets worked out to about $131 per sf. That compared with an average sales price of almost $157 per sf for industrial property throughout Orange County in the fourth quarter, according to recent market reports.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.