SEAL BEACH, CA—CBRE has completed the sale of a 170,865 square-foot industrial building located at 1700 Saturn Way here that is leased by Dendreon Corporation. Rexford Industrial Realty Inc. acquired the facility from an institutional owner for an undisclosed price.
The biotechnology tenant implemented an extensive capital improvement program that resulted in a state-of-the-art pharmaceutical manufacturing facility.
CBRE's Capital Markets experts Darla Longo, Barbara Emmons and Rebecca Perlmutter, along with John Schumacher and Brian DeRevere represented both parties in the transaction.
“Rexford Industrial recognized an opportunity to acquire a high-quality industrial asset occupied by a stable tenant in a key growth market,” said CBRE's Emmons. “Divesting 1700 Saturn Way matches up well with the institutional owner's objective to strategically recycle capital timed to market and investment considerations.”
The facility is 100% leased by Dendreon, which is focused on targeting cancer and development and commercialization of novel therapeutics that may significantly improve cancer treatment options for patients. The company invested approximately $65 million to transform the building into a drug manufacturing facility with extensive HVAC, mechanical, plumbing and electrical system improvements.
“What makes the acquisition attractive to Rexford is the fact that the tenant spent its own capital to improve the building thus keeping rents in line with current market rates,” noted Emmons.
Additional features of the class A industrial building includes 32' clearance, and ESFR sprinklers. The prime West Orange County location on 9.25-acres set within a modern, master planned business park offers strong market dynamics and proximity to executive housing and a skilled labor force.
The building is located in the premier Pacific Gateway Business Park, an 830,000 square-foot business park consisting of ten industrial buildings that range in size from 45,000 square feet to 184,000 square feet. The property is well maintained with attractive landscaping throughout the business park.
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