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6/29/16
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A 218.6k sf, single-tenant net-leased industrial property in Orange County traded hands for $25.5 mil ($117/sf) in an off-market deal said to be the largest free-standing industrial sale in Orange County so far in 2016. The property, located at 6280 Artesia Blvd, east of Valley View Ave just off I-5 in Buena Park, was purchased by Greenlaw Partners.
The free-standing facility, with large fenced yard, truck court and major street visibility, is currently occupied by Exemplis Corp, which produces the office seating product brand SitOnIt and Ideon, and produces build-to-order lobby or lounge area seating.
The building, directly adjacent to the 5 Freeway, is situated within the Mid-Counties industrial submarket of Los Angeles. The submarket has a current base of approximately 134,000,000 square feet and extremely low vacancy rate of 0.05%. Corporate Neighbors include, Pepsico, Staples, International Paper, JC Penney and Home Depot.
CBRE’s Josh Bonwell, Rick McGeagh and Steve Young represented Greenlaw Partners in the transaction. The seller, SHA Enterprises Inc, was advised by Rick Hertel with Corporate Real Estate Services.
“The Mid-Counties region has historically always had strong market fundamentals as institutional owners flock to this market to purchase assets, which is a sign of this market’s consistent strength, stability, high rents and central location to the ports of Los Angeles and Long Beach, Los Angeles basin, Orange County and the Inland Empire,” said Bonwell. “With little land left to develop industrial buildings, we expect continued rent growth, increasing sale prices and high demand from tenants and buyers.”
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