X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

[IMGCAP(1)]GARDEN GROVE, CA-Two buyers have acquired nearly 287,000 sf of industrial space in two separate deals here, according to brokers from Voit Commercial Brokerage and Jones Lang LaSalle who were involved in the transactions. The deals include the sale of a 59,876-sf property on nearly 2.6 acres and a 227,000-sf building on nine acres.

The buyer paid $8 million for the 59,876-sf property, which is at 14271 Corporate Dr., according to Mike Hartel, an industrial division broker in Voit Commercial Brokerage’s Irvine office. Hartel notes that the building is divisible with separate office entrances and includes a two-story office comprising approximately 17,500 sf. He adds that it offers excellent access to the 22 freeway.

“The proximity of the 22 freeway and the upgraded electrical service make this property ideally suited to manufacturing,” Hartel says.With Garden Grove’s booming industrial sector, the building is situated in an ideal location, he adds.

Hartel, along with Mike Bouma and Trevor Pavone of Voit’s Anaheim Metro office, represented the seller, KIFLP LLC. The buyer was represented by Brad Christian of Colliers International’s Irvine office.

[IMGCAP(2)]In the other transaction, Jones Lang LaSalle reports that Glen Allen, VA-based MeadWestvaco (MWV), a global leader in packaging, selected CR&R Waste and Recycling Services of Stanton, CA out of 15 bids as buyer for 7571 Lampson Ave., a 227,000-square-foot industrial property. “Even in this tight real estate market, we were able to find an owner/occupier, all-cash buyer unaffected by deterioration in the capital markets,” comments Sam Foster, Downtown Los Angeles-based executive vice president with Jones Lang LaSalle’s industrial services team.

Located in the Garden Grove Industrial Complex off of the 22 Freeway, the property is minutes to the 405 and 605 freeways. Foster and Chris Brandt, also based in the Downtown L.A. office of JLL, represented the seller.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.