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12/14/15
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Industrious Properties spent $2.12 mil for 1.62 acres ($30/sf) of land in Buena Park. Located on Orangethorpe Ave at the Santa Ana (5) Fwy, the property will be used for vehicle parking for a Buena Park Nissan dealership.
The property was originally excess land purchased by the Orange County Transportation Authority (OCTA) for the widening of the 5 Fwy. The property is situated on a Union Pacific Right of Way.
CBRE’s Peter Andrich, Rickey Warner, Tom Abel and Matthew Osborn represented OCTA in the transaction.
“The City of Buena Park has recently approved two multifamily sites across the street from the purchased site, which has created virtually no vacant land available near the Buena Park auto dealers,” said Andrich. “At such a low land vacancy rate in the surrounding area, the site sold within 90 days from the start date.”
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