Hanover Sells 82,474-SF Industrial Building

FULLERTON, CA-A joint venture partnership consisting of Los Angeles-based Hanover Financial Co. and Newport Beach-based Clifford Companies has sold a fully leased building in Fullerton Air Industrial Park.

The industrial property, which spans across two addresses, encompasses 82,474 sf. It is 100% occupied by two tenants. Global printing company Mail Well Inc. occupies 39,274 sf at 531 Airpark Dr. The other 43,200 sf, located at 2356 Moore Ave., are occupied by clothing distributor LAT Sportswear.

The buyer, Long Beach-based Bixby Land Co., has paid $5.2 million for the building. “Bixby Land Co. has acquired a centrally located industrial building with a long-term lease and remaining rental upside potential,” says Louis Tomaselli, who worked on the deal.

Tomaselli, Mitch Zehner and Mike Boomer represented both Bixby Land Co. and the seller, HC Fullerton LLC, in the deal. All three men work out of Voit Commercial Brokerage’s Anaheim Metro office.