SEAL BEACH, CA-SML SoCal Properties has acquired a newly leased 64,000-sf industrial building at 1760 Apollo Ct. at Overton Moore Properties' Pacific Gateway Business Center for approximately $10 million, according to NAI Capital. The building was recently leased by Carlen Enterprises Inc., a wholesaler of off-price branded merchandise and apparel, for use as the company's West Coast showroom, corporate offices and primary warehouse/distribution center.
SML SoCal Properties was represented by Brian Luft of NAI Capital's West Los Angeles office, with seller OMP Seal Beach LLC represented by Brian DeRevere and Bob Goodmanson from CB Richard Ellis. Pacific Gateway Business Center is a 10-building master-planned corporate image warehouse development along Westminster Avenue and Seal Beach Boulevard that Gardena-based Overton Moore Properties has developed on land that OMP acquired from Boeing Realty Corp.
The OMP project is one of the largest new industrial developments in Orange County. It incorporates a hybrid building type that bridges light industrial and office uses together for tenants who want to consolidate corporate business and operations such as warehousing, distribution, light manufacturing and assembly.
The Pacific Gateway building was one of three industrial properties that sold as combination corporate office and warehouse facilities in Orange County recently, including a two-building project fronting the Newport 55 Freeway in Santa Ana that Lamborghini Orange County purchased. According to SVP Louis Tomaselli of the Anaheim Metro office of Voit Commercial Brokerage, Lamborghini paid $9 million for the 36,231-sf property, which includes buildings at 2441 Pullman St. and 1701 Carnegie Ave.
The auto dealership has occupied one of the buildings for the past 10 years and sought the building next to it, according to Tomaselli. He notes that the location is near a number of new developments in the region, including the Tustin Legacy project. Tomaselli and Mitch Zehner, also of Voit's Anaheim Metro office, represented the buyer. The seller was an individual investor who was represented by Robert Griffin of Lee & Associates.
In the third sale, Dr. Ronald E. Moser bought a 13,680-sf freestanding corporate headquarters facility at 29 Journey in Aliso Viejo that will be the new corporate headquarters for Autotech Sport Tuning Corp., a specialist in Volkswagen and performance racing car aftermarket parts. The buyer is president of Autotech Sport Tuning Corp. and also heads AesthetiCare Cosmetic Surgery Institute, which has a number of locations in the region.
Both the buyer and the seller, 29 Journey Windell LLC, were represented by Jeff Carr and Keith Black of CBRE's Newport Beach office. Autotech will relocate from its current headquarters in San Juan Capistrano to 29 Journey, which was previously occupied by Abracon Electronics.
The freestanding industrial building features approximately 4,500 sf of office space and will serve as a warehousing, assembly, research and development facility for Autotech. Carr comments that the deal "demonstrates the strength of Orange County's industrial market," where the industrial vacancy rate fluctuates between 3% to 4%.
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