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2/13/23
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Greenlaw Partners acquired a portfolio of two last-mile warehouse and distribution facilities totaling 198.8k sf in Anaheim for $58 mil ($292/sf). Completed in 1977 and 1978, the adjacent properties are located at 1701-1771 S. Lewis St. They were previously occupied by the Orange County Register and delivered vacant at the time of sale.
Positioned on 8.38 acres adjacent to I-5, the property is half a mile from the on-ramp which connects to the extensive Southern California freeway system. As a result, tenants have same-day access to the 25 million residents of Southern California, Los Angeles International Airport, both the Port of Long Beach and Los Angeles, the #1 and #2 container ports in the U.S., and 8 Union Pacific and BNSF intermodal rail yards. Situated within Orange County, the properties further benefit from the area’s growing labor force, which totals over 1.6 million and is the second largest in Southern California.
Mark Detmer, Ryan Sitov, Ryan Spradling, Makenna Peter, Byron Foss and Curtis Ellmore with JLL Capital Markets represented the seller, RAYMAB LLC.
According to JLL’s Orange County Industrial Insight - Q4 2022, the market has remained at a record low of 1%, causing landlords to remain bullish on asking rents, and is expected to remain firm through Q1 2023.
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