X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

COSTA MESA, CA-Universal Motion Components of Costa Mesa has acquired a 52,493-sf industrial building at 2920 Airway Ave. from Airway Properties LLC of Costa Mesa for $4.3 million.

Greg Velastegui of Voit Commercial Brokerage’s Irvine office notes that before the sale, the building had been leased by Federal Express for 16 years. Universal Motion has expanded its operation to the former Fed-Ex space from a smaller, 30,000-sf building a few blocks away in Costa Mesa, Velastegui says. The Voit broker represented Universal Motion in its purchase of the property. The seller’s team consisted of John Griffin of Voit’s Irvine office and Rob Socci and Joe Miller, both in Voit’s Anaheim Metro office.

Velastegui says Universal, which has already moved into its new building, plans to upgrade the 1970s building for the corporate headquarters and main distribution facility. Universal manufactures and distributes mechanical components for multiple industries and a broad range of applications. Among its many products are components for irrigation systems, deck hardware for ships, replacement parts for concrete-mixing trucks and custom-manufactured valves and other parts used in water supply systems.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.