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1/13/16
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A 5.66-acre parcel of land in Buena Park was purchased by Carlsbad-based Raintree Investment Corp in a transaction valued at $17.8 mil. Located at 8925 Orangethorpe Ave, the property was originally zoned for industrial use when the site’s existing 65.5k sf industrial building was first constructed in 1968. The property has been occupied since that time by various divisions of AT&T and Pacific Bell. Over the years, AT&T has improved the building for both telecommunications and data center use.
In 2014, Borstein Enterprises, the seller, received an entitlement from the city to build a 108-unit townhome project on the property. While the existing AT&T lease will expire in four years, the new owners have the option of either extending the lease with the telecommunications giant or constructing the new townhome project.
Colliers’ Senior Executive Vice President Clyde Stauff and Senior Executive Vice President Bret Hardy, along with Graham Weiss of the Chaparral Land Company, represented Borstein in the sale. This deal marks the third time Stauff has sold this property in 15 years. Raintree was acting as the exclusive agent for Paulson & Co. of New York in this transaction.
“The evolution of multi-family housing demand in the Buena Park area, as well as enhanced commercial and retail support amenities, have created a value-add proposition for Raintree Investment,” said Stauff. “Borstein Enterprises, for its part, played an important role in adding significant value to the property through its successful bid to re-entitle the property through the City of Buena Park.”
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