HUNTINGTON BEACH, CA-GlobeSt.com has learned from industry sources unrelated to the deal that 5901 Bolsa Ave., a 493,319-square-foot industrial property here, has been sold for a reported $50 million. The property, formerly occupied by Sharp Electronics, was sold by LBA Realty.
Sources say the buyer is Harbor Distribution/Reyes Family Holdings and that escrow just closed within the last couple of days. GlobeSt.com will update this story as more information becomes available.
As GlobeSt.com reported earlier today, Orange County currently has 978,000 square feet of industrial space under construction, with a 3.1% vacancy rate, according to CBRE Group Inc. The last time the county hit these levels was in third-quarter 2006, when 979,000 square feet was under construction and the market was at a 2.3% vacancy rate, the firm reports.
Check back later in the week for more information on the deal and why it's so significant for the Orange County industrial market.
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