COSTA MESA, CA-GlobeSt.com has learned exclusively that a partnership between Voit Development and Penwood Real Estate Investments has sold an industrial property at 1683 Sunflower Ave. here to a private investor for $37 million. The deal is one of the largest industrial sales in Orange County so far this year.
Ryan Swanson and Kurt Bruggeman, SVPs in Lee & Associates' Irvine office, represented the buyer, while the seller was represented by Mike Hartel, Mitch Zehner and Seth Davenport of Voit Real Estate Services. “The buyer plans to occupy a portion of the vacant space, lease out approximately 75,000 square feet and hold for the long term,” says Swanson. “Additionally, the buyer saw this as a unique opportunity to purchase a large freeway frontage site in an amazing location, next to South Coast Collection.”
The property is approximately 345,000 square feet on 16 acres, with 1,340 feet of freeway frontage. It was sold in an off-market transaction, which, according to Bruggeman, meant that Lee & Associates was able to track the property over time and position its client to get control of the deal.
Robinson Pharma, the major tenant at the property, occupies 232,000 square feet of corporate office, warehouse and distribution space. The remainder of the building, composed of approximately 112,000 square feet of warehouse space, is currently vacant.
As GlobeSt.com reported last week, a new trend of certain industrial properties being repositioned as retail and showroom properties is emerging in Orange County. Investment and management firm MCA Realty is furthering this trend by purchasing Brookhollow Freeway Showroom Center, an 87,609-square-foot multi-tenant industrial/retail property here, from a Seattle-based investment manager for $9.5 million; MCA plans to reposition the property as a retail destination center.
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