Industrial Sales, Lease Tally $47M

SANTA ANA, CA-Two industrial building sales and a lease totaling $47 million in aggregate have closed here and in Irvine, according to Voit Commercial Brokerage, which played a role in all three of the deals. The transactions included the sale of an 183,571-sf industrial property at 601 W. Dyer Rd. and the lease of a 223,560-sf building at 1995 Standard Ave., both in Santa Ana, along with the sale of a 62,587-sf manufacturing facility at 16912 Von Karman Ave. in Irvine.

The individual values of the two Santa Ana transactions were not disclosed, but they totaled $36.5 million combined. In the sale, an affiliate of Los Angeles-based Rexford Industrial called RIF III-Dyer Road LLC sold the property at 601 W. Dyer Rd. to another L.A.-based investor called 601 W. Dyer Road LLC.

Kevin Turner of the Irvine office of Voit, who represented both the buyer and the seller along with fellow Voit broker Michael Hartel, comments that the sale illustrates that "The demand for large industrial properties continues to remain high throughout Orange County." The 601 W. Dyer property was built in 1973 and rehabbed in 2007.

In the other Santa Ana transaction, Behr Process Corp. signed a six-year lease extension for the 1995 Standard Ave. building, which was developed in 1996. Turner, who represented Behr in the lease, says that the company will use the facility as a distribution center for finished goods throughout Western US. Behr leases the space from PRI Santa Ana Industrial CA LLC, which represented itself in the lease.

In the sale of the 16912 Von Karman Ave. building in Irvine, Greg Sargenti of Voit's Anaheim office reports that the facility, which occupies 2.8 acres at the corner of Alton and Von Karman avenues, will be occupied by an interior design and manufacturing company called Prime Tech Cabinets Inc. Sargenti represented the buyer, White Road LLC, with seller bkm Von Karman Associates represented by Ken Ward of Cresa.