ANAHEIM, CA-Three months after buying a note and foreclosing on a 281,548-square-foot distribution building, Sares-Regis Group has leased it to beverage distributor Straub Distributing Co. Ltd. 15 years in a lease valued at $37.5 million. The lease represents an expansion of operations for the longtime Orange County distributor of Budweiser beer and other, imported brands, according to Larry Lukanish, vice president in the company’s Commercial Investment Division.
The building is at 4663 La Palma Ave. Straub was represented by Richard and Paul Julian of Advanced Real Estate Services in Lake Forest, CA. SaresRegis Group was represented by Brad Bierbaum and Ryan Peterson of the Anaheim office of CB Richard Ellis.
Paul Julian said Straub Distributing has been operating at three Orange County distribution and headquarters locations totaling 211,586 square feet that will be consolidated at the Anaheim facility. The buildings being vacated are for sale or lease, he said. They are: a 59,645-square-foot office building at 2701 Dow Ave., Tustin; a 78,000-square-foot distribution building at 410 W. Grove Ave., Orange, and a 73,941-square-foot distribution facility at 3 Holland in the Irvine Spectrum.
The lease rate for the Anaheim building is 62 cents per square foot with annual 2.5% increases. The lease commences in April 2011 after refrigeration and other improvements are completed. The facility was built in 2001.
© 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.
