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9/10/19
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Prologis purchased a 144k sf retail building in Anaheim. The building, which sits on a 12-acre lot, is occupied by Fry’s Electronics. The price was not disclosed.
Located at 3370 E. La Palma Ave, the property has been since 1995 leased by Fry’s, who will continue to occupy the building. The site is zoned for industrial and was previously occupied by Rockwell International Corporation, a manufacturing conglomerate primarily involved in aircraft, space and defense industries.
The property is adjacent to SR 91, a major Southern California freeway that connects Orange County to both the coast and Riverside County. The building is also within one mile of both the SR 55 and SR 57 freeways. There are over 450,000 residents within five miles of the property, with an average household income of over $81,000.
A team from CBRE led by Bob Steinbock represented Prologis in the all-cash transaction.
“Prologis has long understood the hidden opportunities of retail sites that offer easy access to highways and a close proximity to major markets. This is especially true as logistics real estate in densely populated regions like Orange County becomes scarcer,” said Darren Kenney, vice president and investment officer, Prologis. “We believe this has great long-term potential for various uses including distribution and e-commerce.”
As of Q2 2019, Orange County’s industrial activity has been at its strongest in the past few years according to a recent CBRE research report. High demand has been driven by e-commerce, manufacturing, and logistics companies looking to enter or expand in Orange County’s tight market with record low vacancy.
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