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HUNTINGTON BEACH, CA-AMB Property Corp. has acquired a 103,248-sf warehouse and distribution building at 16350 Gothard Ave. from privately held Morgan Holdings LLC, according to Colliers International. The building was completed in 2006 and is 100% occupied by two tenants, Monro’s Furniture and Melmarc Products Inc.

Chuck Wilson of the Irvine office of Colliers reports that the San Francisco-based industrial REIT’s new asset provides proximity to major freeways and the ports of Long Beach and Los Angeles. Wilson represented AMB in the acquisition, with the seller represented by Wayne Lambert, also of Colliers International’s Irvine office.

Monro’s Furniture is a privately held firm that occupies 52,351 sf of the building, which houses the furniture company’s office headquarters and warehouse/distribution operations. The company owns and operates stores in Long Beach, Santa Ana and Costa Mesa.

Melmarc, one of the nation’s largest professional textile printing companies, occupies the remaining 50,897 sf of the building. The Gothard Avenue facility hosts the fulfillment and distribution operations for Melmarc.

Terms of the sale were not disclosed. According to the latest market report from Colliers, average sale prices for industrial buildings have dropped some in Orange County following very strong growth from 2002 through early 2006. During the third quarter, sale prices averaged $146 per sf, down $2 from $148 per sf last quarter, and the trend is that sale prices “appear to be stabilizing,” according to the report.

Among the individual sales listed in the Colliers report were an 89,000-sf industrial building in Fullerton that sold for approximately $15 million, an 87,000-sf building in Tustin that sold for $22 million and a 100,000-sf building in Seal Beach that sold for $15.2 million.

The acquisition continues an AMB expansion in Southern California. Among recent SoCal deals closed by the San Francisco firm are its purchase of three warehouse and distribution buildings in Fontana totaling 605,000 sf for $55 million and the signing of a $25.7-million lease with third party logistics provider Weber Distribution for 564,161 sf at AMB Redlands Distribution Center in Redlands.

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