Garden Grove Complex Sells for $3.3 Mil

GARDEN GROVE, CA-A 47,433-sf industrial complex has been sold in Garden Grove, the second industrial property there to be sold by the Voit Development Co. this week. The buyer, the Campbell and Griffith Trust, has paid $3.3 million for the complex.

Built in 1975, the complex stands on a 2.5-acre parcel located at 7311-7341 Anaconda Ave. It is currently occupied by AC Tech, a manufacturer that develops sealants for the aerospace and aircraft industry. The company has a five-year lease agreement to occupy the building.

The Campbell and Griffith Trust was represented by Jeff Chiate of Cushman and Wakefield. Voit Development Co. was represented by a Voit Commercial Brokerage team from the firm’s Anaheim office. The team consisted of Louis Tomaselli, Mitch Zehner and John Paliassotti.

“The Campbell and Griffith Trust was attracted to the building because of the single-tenant triple-net lease,” Tomaselli says. In addition, the acquisition met a 1031-exchange tax requirement that the investors needed to meet, according to Tomaselli.

The transaction follows the sale of a 44,000-sf industrial complex in Garden Grove, which was sold by Voit Development Co. this week. The industrial property was snapped up for $3.2 million, as reported yesterday by Globest.com. The concrete tilt-up facility, which is located at 7012 Belgrave Ave., was purchased by DMW Financial Service.