Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ANAHEIM, CA-Turner Development Corp. of Newport Beach has acquired the 134,518-sf Anaheim Hills Corporate Park from an entity of Newport Beach-based WLA Investments for $18 million and plans to convert it to office, light industrial and flex condominiums. The property, located in east Anaheim off the 91 Freeway at 4887 E. La Palma Ave., was built in 1989 and was 80% occupied at the time of the sale.Sean A. Sheward, partner at Turner Development, cites “the overwhelming demand for small business owners and entrepreneurs to own their own buildings” as the impetus for Turner to convert the property. The new Anaheim Hills Corporate Park will include 44 converted units that will range from 1,313 sf to 11,504 sf, with sale prices ranging from $300,000 to $2 million. About 50% of the available units are under 2,000 sf to appealing to smaller owner-users.Turner has already enjoyed a strong degree of interest in the condos both from existing tenants and from tenants in nearby business centers, according to Sheward, with more than 28% of the park being pre-sold at close of escrow. He says that many companies are being removed from their office space as commercial properties are being converted to residential uses in the Anaheim area.Turner’s acquisition of the property was brokered by Jack Faris, Al Pekarcik and Dan Vittone of Voit Commercial Brokerage, who represented both sides in the transaction. Faris is handling the condo sales, which are being offered under a lease/option program. The conversion project, which will include new roofs and HVAC units for the property, is expected to take nine to 12 months for the completion of entitlements and construction. The project will be the latest in a long series for Turner, founded in 1979, which has developed and acquired in excess of five million sf of industrial and commercial properties.

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?



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
Live Chat

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