|
|
10/31/22
|
In a recent SoCal industrial trade, Ares Management acquired an 8.38-acre industrial land parcel, including three industrial structures totaling 155k sf, in Fullerton. The assets were sold by B & K Investment Company for $61 mil.
Located in a highly desirable area of North Orange County, the corner land parcel includes three industrial properties located at 801 S. Acacia Ave 83.2k sf), 811 S. Acacia Ave 56k sf), and 1580 Kimberly Ave (15.8k sf). The existing tenant has leased the properties back and will continue to occupy them for the time being.
CBRE’s Ben Seybold, Sean Ward and Keith Greer represented the seller in the transaction.
“Orange County’s industrial demand is strong, and the area is having one of its best years for leasing and sales activity,” said Ward. “This sale gives Ares many flexible redevelopment opportunities while also addressing the market’s need for more industrial space.”
With industrial tenant demand at an all-time high and availability rate at 1.8% lower than the previous quarter, there’s been more buildings under construction in North Orange County than ever before. Currently, there is upwards of 2.3 msf of industrial land being built upon in North Orange County, which accounts for just over half of the total 4 msf under construction in Orange County.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
