|
|
7/09/19
|
A 33.8k sf industrial building in Lake Forest sold for $9.4 mil, or $278/sf. Built in 1997, the property is located at 25871 Atlantic Ocean Dr, west of the 241 Toll Road off Bake Pkwy.
The concrete tilt-up structure sits on nearly two acres of land zoned for traditional light industrial and manufacturing use. It is occupied by an online retailer who has no plans to vacate the building.
Richard Schwartz and Joey Reaume with Colliers International represented the buyer, a private investment group based in Los Angeles. The building sold at a capitalization rate of 4.75%.
“When we found the building listed for sale, we were as surprised as anyone since industrial properties in Orange County, especially occupied buildings with long lease terms remaining in central urban infill locations like Lake Forest, are a rarity these days,” Schwartz said. “At this price and at this cap rate, it was a simple equation for our client, who when informed of the opportunity said, ‘Buy, buy, buy!’”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
