$90M Buys Office, Warehouse Buildings

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CYPRESS, CA-Colony Realty Partners of Century City has acquired a 553,431-sf office/warehouse property here and Asset Management Consultants has acquired a 156,135-sf corporate headquarters in Anaheim in two transactions brokered by the Anaheim office of CB Richard Ellis that totaled approximately $90 million. In the Cypress transaction, Colony bought a property called Cypress Corporate Center at 6550 Katella Ave. and 11130 Holder Ave. from Costa Mesa-based BKM Development for approximately $60 million.

The Cypress Corporate Center sale was brokered by Steve Batcheller, Rick McGeagh, Paul Jones and Josh Bonwell of CBRE. Tennis shoe and clothing company Vans recently signed a $15.3-million deal for 104,000 sf of space at the 6550 Katella building, which will be the new corporate headquarters for the company, a part of North Carolina-based VF Corp.’s Outdoor Coalition.

Batcheller tells GlobeSt.com that the remaining space at the Cypress Corporate Center was vacant at the time of the sale, but he notes that “there is activity on all of the remaining space” at the office and warehouse property.

In the Anaheim transaction, Asset Management Consultants bought a 156,135-sf corporate headquarters building at 5515 E. La Palma Ave. that is occupied by Cingular. The buyer acquired the property from the New York City-based IStar Financial REIT for approximately $30 million.

The sale was brokered by Batcheller, Jones, Mark Friend and Ben Seybold of CB Richard Ellis. The property is called Canyon Corporate Center.

Earlier this year, Asset Management Consultants acquired another building on East La Palma Avenue. That property was a fully leased office building of nearly 81,000 sf at 5460 E. La Palma Ave. that it acquired from Argus Realty.