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CYPRESS, CA-WOHL Investment Co. of Irvine acquired a 38,389-sf industrial building at 5241 Lincoln Ave. for $2.3 million from Tower Business Center.

Mike Bouma of Voit Commercial Brokerage, who represented WOHL, says the multi-tenant industrial and retail site is home to the warehousing and distribution facilities for 13 tenants.

Bouma says WOHL plans a “major renovation” of the building, which was built in 1981. The property has additional potential to grow in value, he says, because it is only 75% leased and demand for industrial space is picking up in Cypress and other parts of Orange County.

As an example, Bouma cites a $1.1 million lease that he and Voit’s Jeff Williams recently negotiated at Woodwind Commerce Park in Huntington Beach, filling an 18,718-sf industrial building soon after construction of the new park was completed. The tenant is Titan Industries, which is moving into the building at 7642 Woodwind Drive in an expansion from nearby Fountain Valley.

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