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GARDEN GROVE, CA-A Garden Grove industrial property has changed hands in a deal valued at $3.4 million.

A real estate investment company has acquired the single-tenant building, which is occupied by Time Warner Communications Cable Television and Services. Encompassing 40,480 sf, the facility stands at 7142 Chapman Ave.

The seller, Voit Development, was represented by Mitch Zehner and Louis Tomaselli of Voit Commercial Brokerage’s Anaheim office. The buyer, Barrett Heritage LLC, was represented by Joe Cyr of Voit Commercial Brokerage’s Irvine Metro office.

The Garden Grove industrial sector experienced a negative net absorption of 172,863 sf in the first nine months of 2001, according to research by Cushman & Wakefield. The Orange County’s industrial market as a whole has cooled significantly over the past year. This year’s third quarter wrapped up with a mere 2.7-million sf in sales and leasing activity, as compared to 5.7-million sf for the same period in 2000, according to new research by Colliers Seeley.

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