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6/02/17
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A 1.084 msf industrial cross-dock facility in Buena Park has sold for $131.5 mil ($123/sf), in what we’re told is the largest contiguous, single-tenant transaction in Orange County over the last 25 years. The property, located at 6800 Valley View, was acquired by CenterPoint Properties from JC Penney.
The free-standing facility was constructed over two phases in 1967 and 1986 and currently serves as JC Penney's warehouse distribution center for the west coast. The facility is the sixth largest industrial building ever constructed in Orange County, featuring up to 30’ minimum warehouse ceiling heights, 154 dock-high loading doors, 263 trailer parking spaces, and loading on three (3) sides featuring 190’ deep truck courts. CenterPoint Properties plans to renovate the subject property and market it for lease as it becomes available.
Nicholas Chang, CCIM, and Richard Lee of NAI Capital, along with Patrick J. Sullivan of NAI Hiffman and Brett Spitzer of NAI Global Corporate Solutions, represented both parties in the transaction.
This building, now called CenterPoint SoCal Logistics Center, represents the only 1 msf+ warehouse/distribution contiguous infill space available for a single tenant to occupy under one roof. The property is in a great Mid-Cities distribution location, less than a quarter mile to the 91 FWY, two miles to the 5 FWY, 19-miles to the Port of Los Angeles/Long Beach and 26 miles from Los Angeles International Airport.
Chang said, “Undoubtedly, rising online e-commerce sales has driven and will continue to drive the Industrial real estate boom. We see no slowdown of Corporate America’s appetite for well-positioned distribution, logistics, and e-commerce fulfillment centers in LA’s infill market anytime in the near future. As more and more American’s turn to the internet and away from brick and mortar for their shopping needs, this trend isn’t going to reverse.”
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