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LAGUNA HILLS, CA-The 388,224-square-foot Saddleback Business Park has sold for $62.3 million in a transaction that ranks as the largest industrial deal to close in Southern California this year, according to one of the brokers involved in the sale, Ryan Gallagher of the Grubb & Ellis Institutional Capital Markets Group. Gallagher, who brokered the sale on behalf of an insitutional seller along with Kelly Rohfeld of Grubb & Ellis, tells GlobeSt.com that the business park generated multiple offers in highly contested bidding, ultimately selling to an all-cash buyer.

The buyer was Corona-based Watermarke Properties Inc., which represented itself in the acquisition. Gallagher says that the property generated strong interest from bidders for a number of reasons, including the exceptional demographics surrounding the location, its tenant diversification and its history of strong occupancy. Gallagher tells GlobeSt.com that the offering was “very well received and highly contested.”

Gallagher describes the Saddleback Business Park as a class A multi-tenant industrial project that is “a trophy in its class.” It was built in 1988 and 1989 and is located just off the I-5 Freeway at 27071-26945 Cabot Road and 26051-26081 Merit Circle in Laguna Hills.

The property comprises 11 buildings and was 94% occupied at the time of sale, with 170 tenants. The sale closed at approximately an 8% cap rate.

The sale is one of several large deals that have closed on an all-cash basis in Orange County lately. In one of them, Torrance-based Transpacific Development Co. acquired the 270,000-square-foot One and Three Premier Place office complex, home to the Taco Bell corporate headquarters and Ford Motor Co. In another, the Abbey Co. of Long Beach acquired a 460,000-square-foot office complex called City Parkway from Los Angeles-based Maguire Properties.

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