Brea Park Buildings Fetch $6M

BREA, CA-Three building sales have closed in quick succession in the recently completed first phase of Voit Brea Business Park, the first three sales in the new project, a 530,000-sf speculative development.

The park’s first owner/users include Xepix Corp., a research and development firm in the semiconductor industry; Irvine Window Coverings, a mini blinds manufacturer; and Catalpa Group Inc, a garment manufacturer and distributor.

The three sales combined totaled $6 million, according to Mitch Zehner of Voit, who represented the seller along with Louis Tomaselli of Voit.

Zehner says the buyers are all companies that previously leased their facilities but found that today’s low interest rates enabled them to purchase their properties. He says all three of the companies are relocating from older, antiquated buildings in Orange and Los Angeles Counties.

Xepix acquired a 28,961-sf building at 910 Columbia St., where it is relocating from Anaheim. The company was represented by Tom Dorman of CB Richard Ellis.

Irvine Window Coverings also moved from Anaheim, buying a 22,329-sf building that will serve as the company’s primary manufacturing and distribution facility. Doug Himes of Lee and Associates represented the company.

City of Industry-based Catalpa Group also relocated its primary manufacturing and distribution facility to a 22,329-sf building at the new park. The firm, which manufactures and distributes clothing throughout the United States, was represented by Marc DiGenarro of Lee & Associates.

The new Voit park is part of the redevelopment of Brea. Besides the first three buildings that have closed escrow, the remaining 13 include seven that are in escrow, according to Zehner. The second phase of the park is scheduled for completion in the first quarter of 2003 and completion of phase three in July.