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4/14/15
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Intercontinental Real Estate Corporation has acquired a 101.4k sf facility in Brea. The property, located at 2830 Orbiter St, east of the 57 Fwy, is the corporate HQ facility for PennySaver USA Publishing LLC. The asset was purchased free and clear of existing debt.
The property is situated just north of Imperial Hwy, roughly 30 miles from downtown Los Angeles. It consists of 52k sf of office space spread out over two floors and 49.4k sf of industrial manufacturing, assembly and distribution space. The property is 100 percent leased to PennySaver and houses the operations for their weekly PennySaver pamphlet, web-based advertising systems and salesforce.
The seller, a joint venture between Cohen Asset Management Inc and American National Insurance Company, was represented by Anthony Brent and Ryan Martin of HFF. In 2013, HFF secured financing and equity placement on behalf of the seller for this property.
“The investment provided significant inflation adjusted rent growth and stable long-term cash flow,” Brent said. “It was a well sought after asset due to its stable historical occupancy and its desirable location in the City of Brea.”
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